Registration

Before participating in any municipal securities activities, brokers, dealers, and municipal securities dealers, as well as municipal advisors, must register with the SEC as per Exchange Act Section 15b. Once the SEC has approved the registration, the broker, dealer, or advisor must register with the MSRB by filing a Form A-12 and pay an initial registration fee and annual registration fee.

A dealer may register by paying an initial fee of $1,000 and submitting the information required on Form A-12.

If a municipal securities firm stops engaging in municipal securities business it must notify the MSRB in writing. If the firm wants to return to municipal securities business, it must pay the initial $1,000 fee again.

Municipal securities dealers and advisors 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