SEC Approves MSRB Proposal to Create Professional Qualification Standards for Municipal Advisors (Fed. Reg.)

The SEC's approval of the MSRB proposal to amend Rules G-1, G-2, G-3 and D-13 to establish professional qualification requirements for municipal advisors was published in the Federal Register.

The rule change, which was modified by two amendments based on comment letters since the original filing, establishes two new registration classes for municipal advisors, and requires a municipal advisor to be qualified in accordance with MSRB rules before engaging in municipal advisory activities.

The amendments will become effective on April 27, 2015, but interested persons may comment on the rule change until March 25, 2015.

See: 80 FR 11706.Related news: MSRB to Amend Its Rules to Create Professional Qualification Standards for Municipal Advisors (Notice 2015-04) (March 2, 2015); SIFMA Submits Comment Letter to SEC Regarding MSRB Professional Qualification Requirements for Municipal Advisors (January 5, 2015); MSRB-Proposed Professional Qualification Standards for Municipal Advisors Published (Fed. Reg.) (December 5, 2014); MSRB Proposes Professional Qualification Standards for Municipal Advisors (November 19, 2014).