Action against Respondent, a registered municipal adviser, for alleged failure to meet professional qualification standards.  According to the SEC, Respondent advised two municipal entities at a time when it was unqualified to do so because none of its employees had passed the requisite Municipal Securities Rulemaking Board exam.  Respondent has agreed to pay disgorgement of $20,000, prejudgment interest of $678.64, and a civil penalty of $5,000.

SEC Order