3.1.8. 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
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SUMMARY TABLE MSRB Advisor Registration Requirements |
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Requirement |
Required By |
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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) |
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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 |
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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 |
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Annual MSRB registration fee |
Pay $1,000 to the MSRB |
Oc |