The SEC approved the MSRB proposal to amend Rule G-3 to establish additional qualification requirements for municipal advisor principals. The rule changes will become effective on December 20, 2018.
As previously covered, the proposed amendments would (i) establish the Municipal Advisor Principal Qualification Examination (the "Series 54 examination") and (ii) require those persons who meet the definition of a municipal advisor principal to pass the Series 54 examination prior to becoming municipal advisor principals. In addition to passing the Series 54 examination, such persons still would be required to pass the Municipal Advisor Representative Qualification Examination.
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