Series 53: Registration With The MSRB

Registration with the MSRB

Municipal securities dealers and advisors (“dealers”) must also register with the MSRB before engaging in any transactions or advisory activities. A dealer may register by paying an initial fee of $1,000 and submitting the information required in Form A-12.

Dealers must also pay the MSRB an annual fee of $1,000 for each fiscal year in which they are registered to conduct municipal securities activities. Note that the annual fee is required for each year a firm is registered, even if no municipal securities business is conducted that year. The purpos