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 engage in municipal advisory activities on behalf of the firm. A Form MA-I must be amended whenever any of its information becomes inaccurate, and the change must be made promptly.
The SEC does not charge any fees for municipal advisor registration. However, as of 2023, for each Form MA-I on file with the SEC, the MSRB will require a $1,060 annual professional fee (the fee was $1,000 in 2022). 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 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 |
Submit form MA-I to the SEC for each associated person, and pay $1,060 to the MSRB for each MA-I on file as of January 31 |
April 30 |
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Contact persons |
Provide names of contact persons who | |