Summary Table
|
Municipal Advisor Fees |
Amount |
Billing |
Due Date |
|
Initial Registration Fee |
$1,000 |
None |
Due upon filing Form A-12 |
|
Annual Registration Fee |
$1,000 |
Invoices sent annually the first week of October |
Due by October 31 |
|
Annual Professional Fee |
$1,060 per professional |
Invoices sent annually the first week of April |
Due by April 30 |
|
Late Fee |
$25 monthly per firm plus interest on the overdue balance |
Reflected on monthly statements |
31 days after invoice date |
Initial Registration Fee and First Annual Registration Fee
Before engaging in municipal advisory activities, each municipal advisor firm is required to register with the MSRB. Registration with the MSRB does not become effective until the municipal advisor's initial registration fee of $1,000 and first annual fee of $1,000 have been received and processed per MSRB Rule A-12.
Note that a firm that is dually registered as a municipal advisor and as a broker, dealer or municipal securities dealer is only required to pay a single initial fee and a single annual fee. The fee is not pro-rated for partial year registration. For more information on how to register, refer to the MSRB Registration Manual.
Annual Registration Fee
Each municipal advisor firm is required to pay the MSRB an annual fee of $1,000 each fiscal year per MSRB Rule A-12, with firms dually registered as a broker, dealer or municipal securities dealer only required to pay a single $1,000 annual fee. The MSRB fiscal year runs from October 1 until September 30 and the fee is billed annually the first week of October and due by October 31 of each year. The annual fee will be waived one time for any municipal advisor firm that registered and paid its first annual registration fee during the prior month of September.
Annual Professional Fee
MSRB Rule A-11 requires municipal advisors to pay an annual professional fee of $1,060 for each person associated with the municipal advisor who is qualified as a municipal advisor representative and for whom the municipal advisor has on file with the Securities and Exchange Commission (SEC) Form MA-I. Fees are billed annually the first week of April and are due by April 30 based on the number of associated persons for whom the firm has filed a Form MA-I with the SEC as of January 31 of the applicable year and who is qualified as a municipal advisor representative in accordance with MSRB Rule G-3. If new Forms MA-I are filed with the SEC during the course of the year, the associated professional fees will be included in the subsequent annual invoice.
Municipal advisors who fail to pay assessed fees under MSRB Rule A-12 and MSRB Rule A-11 within 30 days of the invoice date shall pay a monthly late fee of $25 and a late fee on the overdue balance (computed according to the prime rate) until paid.
