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 $500 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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MSRB Advisor Registration Requirements |
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Requirement |
Required By |
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Register with the MSRB and pay initial fee |
Pay $1,000 and submit Form A-12 to MSRB |
Prior to conducting any municipal securities business |
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Annual MSRB registration fee |
Pay $1,000 to the MSRB |
October 31 |
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Register with the SEC |
File Form MA with the SEC |
April 30 |
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Annual professional fee to the MSRB |
Pay $500 to MSRB and submit Form MA-I for each associated person as of January 31 to the SEC | |