Series 53: Office Of Municipal Supervisory Jurisdiction (OMSJ)

Taken from our Series 53 Online Guide

Office of Municipal Supervisory Jurisdiction (OMSJ)

An Office of Municipal Supervisory Jurisdiction is one that demands special supervisory attention, either because the activities conducted there have particular regulatory significance or because the firm itself believes it prudent or necessary based on certain MSRB guidelines.

By MSRB Rule G-27, the execution of any one of the following critical activities requires that an office be designated an OMSJ:

Order execution or market making

Structuring of public offerings or private placements

Maintaining custody of customer funds or securities

Final approval of new customer accounts

Review and endorsement of customer orders

Final approval of advertising or sales literature

Supervision of activities of persons at one or more of the member firm’s branch offices

The firm must also designate other offices as OMSJs considering the following factors: (1) they involve activities that require regular contact with public customers, (2) they are geographically remote from another OMSJ or geographically dispersed, (3) a substantial number of registered employees conduct securities activities

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