(a) Definition of "Covered Professional." For purposes of this rule, the term “covered professional” shall mean a person associated with a municipal advisor who is qualified as a municipal advisor representative in accordance with Rule G-3 and for whom the municipal advisor has on file with the Commission an active Form MA-I as of January 31 of each year.

(b) Annual Municipal Advisor Professional Fee. Each municipal advisor that is registered with the Commission shall pay to the Board a recurring annual fee equal to the amount set forth in the Annual Rate Card as noted in Supplementary Material .01 for each covered professional. The annual professional fee shall be due by April 30 each year in the manner provided by the MSRB Registration Manual.

(c) Late Fees. Any municipal advisor that fails timely to pay in full the total professional fee due under section (b) of this rule shall pay a monthly late fee equal to twenty-five dollars for such failure, and a late fee on the total overdue balance based on the Prime Rate until paid.

.01 Annual Rate Card Fee. Pursuant to Section (b) above, each municipal advisor that is registered with the Commission shall pay to the Board a fee in the amount of $1,060 for each covered professional as of January 31 of the applicable year, beginning in 2024. The subsequent amendment of this Annual Rate Card Fee will be determined through the Board’s annual rate card process as further described in the Board’s funding policy and be submitted to the Securities and Exchange Commission pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended. The annual rate card process includes (i) a maximum cap on targeted revenue that caps an annual increase in the total targeted revenue for a Rate Card Fee at 10% of the highest amount of such targeted revenue in the previous two annual rate cards and (ii) a maximum cap on assessment rate increases that caps the maximum increase in the assessment rate for a Rate Card Fee at 25% of the highest assessment rate in the previous two annual rate cards. The Board’s funding policy may be accessed at msrb.org.

.02 Calculation of the Prime Rate for Purposes of an Overdue Balance. In accordance with subsection (c) of this Rule A-11 regarding the imposition and calculation of late fees, the Prime Rate is the annual rate of the commercial prime rate of interest as last published in The Wall Street Journal prior to the date such charge is computed.