Securities Litigation

The MSRB recently released a content outline for the new Series 50 Municipal Advisor Representative examination, which the SEC approved in principle earlier this year. See MSRB Reg. Notice 2015-06. The MSRB filed the Rule Proposal with the SEC on April 22 for immediate effectiveness. SR-MSRB-2015-04. The Series 50 exam will require MA Representative candidates to complete 100 multiple-choice questions within 3 hours on a range of topics, including:

1. SEC and MSRB Rules on municipal advisor activities;
2. Municipal Finance generally;
3. Credit analysis and due diligence of municipal issuers;
4. Structuring, pricing and executing municipal debt products;
5. Understanding municipal debt issuance requirements.

The MSRB allows a one-year grace period for newly-registered Municipal Advisors to pass the exam. The agency has not announced the effective date for the exam, but will give the industry a "head's up" by announcing and conducting a pilot exam program first. The Content Outline is here. Thomas K. Potter, III (tpotter@burr.com) is a partner in the Securities Litigation Practice Group at Burr & Forman, LLP. Resident in the Nashville office, Tom is licensed in Tennessee, Texas and Louisiana. He has over 28 years' experience representing financial institutions in litigation, regulatory and compliance matters. See attorney profile. © 2015 by Thomas K. Potter, III (all rights reserved).