Professional Fee for Municipal Advisors
When a firm that engages in municipal advisory activities registers with the SEC, it must file a Form MA. Additionally, the firm must file a Form MA-I with the SEC for any person, including independent contractors, who engages in municipal advisory activities on behalf of the firm.
The SEC does not charge any fees for municipal advisor registration. However, for each Form MA-I on file with the SEC, the MSRB requires a $300 annual professional fee. The fee is due no later than April 30 of each year, and it is based on the number of Form MA-I’s the firm had on file as of January 31 that year. If additional Form MA-I’s are filed after January 31, the additional fees will be due the following year.
MSRB Rule A-11
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SUMMARY: MSRB Registration Requirements |
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Requirement |
Required By |
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Initial Fee |
Pay $1,000 and submit Form A12 |
Prior to conducting any municipal securities business |
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Annual Registration Fee |
Pay $1,000 |
By October 31 |
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Annual Professional Fee |
Pay $300 to MSRB and submit Form MA-I for each associated person as of January 31 to the SEC |
April 30 |