Series 51: Registration With MSRB

Registration with MSRB

Municipal securities dealers and advisors (“dealers”) must also register with MSRB before engaging in any transactions and advisory activities. A dealer may register by paying an initial fee of $100 and submitting the information required in Form A-12.

Municipal securities dealers and advisors must also pay the MSRB an annual fee of $500 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 y