Exercise
Answer TRUE or FALSE.
1. TRUE or FALSE. Municipal securities dealers are required to register with either the SEC or MSRB.
2. TRUE or FALSE. The person designated as the broker-dealer’s primary electronic mail contact must be a registered principal.
3. TRUE or FALSE. Municipal securities dealers are required to pay an annual fee of $100 to the MSRB.
4. TRUE or FALSE. If a broker-dealer ceases to conduct municipal securities transactions, it need not take any further action with the MSRB.
5. TRUE or FALSE. A broker-dealer must update any changed information from its Form A-12 each calendar year, but the update does not need to be made by January 1.
6. TRUE or FALSE. After the SEC receives a broker-dealer’s application, assuming no problems, registration with the SEC will generally be effective within 45 days.
Answers
1. FALSE. Municipal securities dealers are required to register with both the SEC and MSRB.
2. TRUE. Broker-dealers must maintain an internet electronic mail account to permit communication with MSRB and appoint a registered principal to serve as the official contact person for purposes of electronic mail communication.
3. FALSE. Municipal securities dealers are required to pay the MSRB an annual fee of $1,