MSRB Announces Results of Qualifying Examination for Municipal Advisors
More than 3,000 individuals at 505 municipal advisor firms across the country are now qualified to provide advisory services to state and local governments and other clients following implementation of the first mandatory qualifying examination for municipal advisor professionals, the Municipal Securities Rulemaking Board (MSRB) announced ...
MSRB Amends Professional Fee for Municipal Advisors
Rule A-11 has been amended to raise the municipal advisor professional fee from $300 to $500 effective immediately, although the first payment at the new rate is not due until April 30, 2018. A $25 late fee has also been added to the rule. This amendment clarifies that a municipal advisor firm that does not pay in full the total fee due under section (a)–regardless of the number of professionals for which the per professional fee was not paid–is required to pay only one $25 monthly late fee.
The original $300 per professional fee was established in 2014 as a reasonable initial starting amount for the fee. As part of the MSRB's holistic review of fees a year later, the MSRB reconsidered the amount of this fee but determined not to increase it at that time to allow municipal advisors additional time to adapt to regulation. However, the MSRB noted it would revisit the amount of the fee in light of the substantial costs associated with developing and maintaining a regulatory regime for municipal advisors, which is what led to the current fee increase filed today. The MSRB will continue to review and evaluate its fees over time to ensure fees are allocated fairly and equitably across all regulated entities. The increased fees will help defray the cost of operating the MSRB, including the MSRB's regulatory activities for municipal advisors; the development of a new principal-level professional qualification examination; and education, outreach and compliance activities.
SEC, MSRB, FINRA to Hold Compliance Outreach Program for Municipal Advisors
November 8, 2017 " 9 a.m. to 4 p.m. ET
SEC Atlanta Regional Office " Webcast live: SEC.GOV
There is no cost to attend the program, which provides an open forum for municipal advisory industry professionals to discuss compliance practices with regulators and promote a more effective compliance structure for regulatory obligations of municipal advisors. Additional information, including the agenda, is available on the SEC, MSRB and FINRA websites.
Registration is being administered by the MSRB and is open to all municipal advisor industry professionals, with a maximum of two in-person attendees per firm. In-person attendance is limited to a first-come, first-served basis. For those who cannot attend in person, the program will be webcast live on the SEC's website.
Information on accessing the webcast and the links to program materials will be posted on the SEC, MSRB and FINRA websites on the day of the program
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