Series 54: Fees For MSRB Qualification Exams

Taken from our Series 54 Online Guide

Fees for MSRB Qualification Exams

Each municipal advisor and municipal securities dealer must pay the MSRB a fee of $150 per MSRB exam by their associated persons. The firm is required to pay for the following exams:

Municipal Advisor Representative Qualification Examination (Series 50)

Municipal Fund Securities Limited Principal Qualification Examination (Series 51)

Municipal Securities Representative Qualification Examination (Series 52)

Municipal Securities Principal Qualification Examination (Series 53)

Municipal Advisor Principal Qualification Examination (Series 54)

This payment is to defray a portion of the development, implementation, and maintenance costs of such examinations. FINRA administers the exams and collects these fees, but then passes the fees on to the MSRB. These fees are in addition to any fees charged by FINRA for the administration and delivery of the examinations.

MSRB Rule A-16

Summary Table

MSRB Advisor Registration Requirements

Requirement

Required By

Register with the SEC

File Form MA with the SEC

Prior to conducting any municipal advisory business, and annually after that (within 90 days of end of fiscal year)

Register with the MSRB and pay initial fee

Pay $1,000 and submit Form A-12 to MSRB

Prior to conducting any municipal advisory business

Contact persons

Provide names of contact persons who will receive communications from the MSRB on Form A-12

Prior to conducting any municipal advisory business

Annual MSRB registration fee

Pay $1,000 to the MSRB

October 31

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