The Municipal Securities Rulemaking Board (MSRB) today filed a proposal for approval from the Securities and Exchange Commission (SEC) to create baseline standards of professional qualification for municipal advisors.

The proposed amendments to the MSRB’s existing Rule G-3 on professional qualifications establish two classifications of municipal advisor professionals, representative and principal, with firms required to designate at least one principal to oversee the municipal advisor activities of the firm. The proposed rule change also will require each municipal advisor representative and principal to take and pass a qualification test.