Series 54

Municipal Advisor Principal Exam

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Series 54 MSRB License

The series 54 is a 100 question multiple choice exam to become licensed as a municipal securities principal under the msrb. THE TIME LENGTH OF THE TEST IS 180 MINUTES AND 70% is the passing grade to become licensed.

This exam is for those individuals directly engaged in the management, direction or supervision of the municipal advisory activities of a municipal advisor firm. There is a 1 year grace period to pass the new Series 54 exam. During the 1 yr period, a person currently acting as a municipal advisor principal is permitted to continue to engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor as long as the person is qualified with the the Series 50 - Municipal Adviser Representative Exam.

Series 54 Test Topics Include:

  • Monitor for specific sales and procedure prohibitions related to municipal principal transactions and affiliate transactions, and valuate rules that apply to municipal securities advisers in dealing with and interacting with broker dealers, and other market participants

  • Knowledge of the responsibilities of the regulatory agencies that oversee municipal advisory business - SEC, MSRB, FINRA, CFTC and bank regulator rules

  • Supervision of Municipal Adviser Activities - Examine and Monitor broker dealer business activities for compliance with written supervisory policies and procedures and review recommendations given by a municipal advisor for suitability and compliance and associated rules. Also Maintain policies and procedures to support firm and regulatory requirements for the products offered and the services provided

  • Supervising Municipal Advisor brokerage Firm Operations - Completing obligations to identify and give information regarding each associated individual of the municipal advisor involved in municipal advisory activities, and ensure municipal advisers are properly qualified to conduct municipal advisory investment services. This includes proper registrations and licensing

  • Oversee and Monitoring - Oversee quarterly submission of political contributions and other information, review municipal advisor advertisements for compliance and current rules, and submit updates to registration information and yearly affirmation to all regulatory authorities that apply

The Series 54 training Course is in the process of being updated

Please check back with us or contact us!