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 ent