Series 54: 3.1.1.1. Updating Form MA

Taken from our Series 54 Online Guide

3.1.1.1.  Updating Form MA

In addition to the annual update mentioned above, a municipal advisor must promptly file an amendment to its Form MA whenever a material event occurs that changes any of the information on the form. When the MA changes its Form MA, only the information that has changed will need to be amended. This means that the MA will not need to complete the entire form again.

In relation to Form MA, firms must file an amendment when any changes are made to:

Item 1: Identifying Information

Item 2: Form of Organization

Item 9: Disclosure Information

Firms must file an amendment when material changes are made to:

Item 3: Successions

Item 7: Participation of firm or its associated person in municipal advisory client or solicitee transactions

Item 8: Owners, officers, and other control persons

Changes made to other facts that are not considered material do not need to be made via amendment, but instead can be made on the annual update to Form MA (Items 4, 5, 6, 10). Failure to properly amend or update Form MA is a violation of SEC rules and could lead to the revocation of a firm’s registration.

SUMMARY TABLE

Changing Form MA

Item Description

When does an amendment need to be filed?

Item 1: Identifying Information

Any changes must be promptly updated

Item 2: Form of Organization

Any changes must be promptly updated

Item 3: Successions

Material changes must be promptly updated

Item 4: Information About Firm’s Business

Changes can be made on annual update to the form

Item 5: Other Business Activities

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