The Municipal Securities Rulemaking Board is considering establishing qualification requirements for municipal advisor professionals, and requiring them to take and pass a proficiency examination. The goal, as mandated by the Dodd-Frank Act, is to enhance protections for state and local governments, MSRB executive director Lynnette Kelly said Monday. "The creation of a professional qualifications program for municipal advisors is a key step toward safeguarding the interests of state and local governments that engage the services of municipal advisors. Individuals entrusted with providing financial advice to state and local governments will be required to demonstrate both an understanding of the business and regulatory requirements," Kelly said. The proposal would amend Rule G-3 on qualification requirements for personnel of municipal securities dealers to include requirements for advisor professionals. The amendments would add registration classifications to differentiate municipal
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