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MSRB Glossary of Terms

Dealer Registration/Professional Qualifications

Dealer Registration with the MSRB

Before a dealer may engage in municipal securities transactions, MSRB Rule A-12 requires the dealer to send a letter to the MSRB containing the following information: name, address, and the SEC registration number of the dealer on whose behalf the letter is sent. The dealer should also include their phone number and fax number in the event that the MSRB needs to contact the dealer. The SEC registration number is required information; registration will not take place without submission of an SEC registration number.

In accordance with MSRB Rules A-12 and A-14, the dealer must also send a first payment of $400; this payment includes the initial fee of $100, and the annual fee of $300. The annual fee is due for each MSRB fiscal year (October 1 – September 30) in which the dealer is registered with the MSRB. The annual fee is not prorated.

The letter and check should be mailed to the MSRB’s drop box address:

Municipal Securities Rulemaking Board
P.O. Box 79864
Baltimore, MD 21279-0864

If the dealer fails to send the required information or initial payment, the MSRB will contact the dealer, and instruct the dealer to provide the necessary items for registration.

Dealers from whom the required information has been received will receive a package in approximately 7 business days containing the following:

A registration acknowledgement letter containing the dealer’s MSRB number;
Instructions for filling out Form G-40 and Form RTRS;
A billing contact form with a return address envelope; and
An MSRB Rule Book

For questions about registration and billing, transaction reporting, G-40, or to inquire about the arrival of the package, please call (703) 797-6600 and ask to be directed to the appropriate department.

Professional Qualifications

Professional Qualifications Handbook- This handbook provides a guide to requirements for the various categories of qualification described in MSRB rules, and provides questions and answers on each category. It also includes sections on procedures for examinations and continuing education, waivers, disqualification and the lapse of qualification, and the text of MSRB qualification rules.

Study Outline--Municipal Fund Securities Limited Principal Qualification Examination (Series 51)
NOTICE: A revision of the Series 51 Examination will be implemented on November 1, 2008. For details of the revision and the revised content outline, see MSRB Notice 2008-35 at http://www.msrb.org/msrb1/archive/2008/2008-35.asp.

Study Outline--Municipal Securities Representative Qualification Examination. (Series 52)

• Test Reference Guide for the Municipal Securities Representative Examination (Series 52)

Study Outline--Municipal Securities Principal Qualification Examination. (Series 53)

Securities Industry/Regulatory Council on Continuing Education (This link to the Council's website provides information about the Continuing Education Program, including the Firm Element and the Regulatory Element.)

Rules on Professional Qualifications

G-2 Standards of professional qualification

G-3 Classification of principals and representatives; numerical requirements; testing; continuing education requirements

G-4 Statutory disqualifications

G-5 Disciplinary actions by appropriate regulatory agencies; remedial notices by registered securities associations

G-6 Fidelity bonding requirements

G-7 Information concerning associated persons