Series 50: Independent Registered Municipal Advisor (IRMA) Exemption

Independent Registered Municipal Advisor (IRMA) Exemption

If a municipal entity has already retained an independent registered municipal advisor (IRMA), then a market participant may provide advice to the entity with respect to municipal financial products or the issuance of municipal securities if the following requirements are met:

• • The independent municipal advisor must be registered with the SEC and must not have been associated with the market participant for at least two years.
• • The market participant must receive written notification from the municipal entity that it has retained an independent municipal advisor.
• • The market participant must disclose in writing to the municipal entity and the municipal advisor