2.2.1. Registration with the MSRB
Once the SEC has approved the registration, the broker, dealer, or advisor must register with the MSRB by filing a Form A-12 and pay an initial registration fee and annual registration fee.
A dealer or advisor may register by paying an initial fee of $1,000 and submitting the information required on Form A-12. Dealers and advisors must update Form A-12 within 30 calendar days if any of the information becomes inaccurate.
If a municipal securities firm stops engaging in municipal securities business, it must notify the MSRB in writing. If the firm wants to return to municipal securities business, it must pay the initial $1,000 fee again.
Municipal securities dealers and advisors must also pay the MSRB an annual fee of $1,000 for each fiscal year in which they are registered to conduct municipal securities activities. Note that the annual fee is required for each year a firm is registered, even i