3.1. Municipal Advisor Registration Requirements

Exchange Act Section 15B requires that before participating in any municipal advisory activities, municipal advisors must register with the SEC on Form MA. Form MA must be updated each year afterward within 90 days of the end of the firm’s fiscal year. The annual update serves as an amendment to the advisor’s Form MA, and it updates responses to any item on that form that has become inaccurate. Municipal securities dealers must also register with the SEC before participating in any municipal securities business.

Once the SEC has approved the registration, municipal advisors (and dealers) must register with the MSRB by filing a Form A-12 and pay an initial registration fee of $1,000. Advisors and dealers must update Form A-12 within 30 days if any of the information becomes inaccurate.

If a municipal advisor stops engaging in municipal advisory business, it must notify the MSRB in writing. If the firm wants to return to municipal advisory business, it must pay the initial $1,000 fee again.

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