Series 54: 1.5.3. Independent Registered Municipal Advisor (IRMA) Exemption

1.5.3. Independent Registered Municipal Advisor (IRMA) Exemption

If a municipal entity or obligated person has already retained an independent registered municipal advisor (IRMA), then a market participant may provide advice to the entity or person with respect to municipal financial products or the issuance of municipal securities if the following requirements are met:

• The IRMA must be registered with the SEC and must not have been associated with the market participant for at least two years.

• The market participant must receive written notification from the municipal entity or the obligated person that it has retained an IRMA and will rely on the IRMA for advice. The market participant must also have a reasonable basis to believe this information.

• The market part