The MSRB proposed to amend Rule G-3 to establish additional qualification requirements for municipal advisor principals (i.e., persons engaged in the management, direction or supervision of the municipal advisory activities of a municipal advisor and its associated persons). The proposed amendments would establish the Municipal Advisor Principal Qualification Examination (the "Series 54 examination") and require those persons who meet the definition of a municipal advisor principal to pass the Series 54 examination prior to becoming a municipal advisor principal.
In addition to passing the Series 54 examination, a person still would be required to pass the Municipal Advisor Representative Qualification Examination (the "Series 50 examination"). The MSRB requested that the proposed rule change become effective 30 days from the date of SEC approval.
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