Reminder: To Supervise Municipal Fund Securities Activities, a Municipal Fund Securities Limited Principal (Series 51) or Municipal Securities Principal (Series 53) Qualification is Required by April 1, 2003
Rule G-3, on professional qualifications, currently allows a Series 24 or 26 principal to supervise municipal fund securities activities during a transition period that ends March 31, 2003. The MSRB is publishing this notice as a reminder that by April 1, 2003 every dealer must have either a municipal fund securities limited principal (Series 51) or a municipal securities principal (Series 53), as appropriate, even if a dealer’s only municipal securities activity consists of transactions in municipal fund securities.[1] As of April 1st, Series 24 and 26 principals will no longer be qualified to supervise municipal fund securities activities.
The new Series 51 examination has been available since January 2, 2003, and is administered through NASD’s PROCTOR system. Information regarding the administration of this examination may be obtained from NASD’s web site at http://www.nasdr.com/2630.asp. In addition, appointments to take the examination may be made by contacting Prometric at (800) 578-6273 or by visiting Prometric’s registration web site at www.2test.com/ptc/PTCHome.jsp.
February 28, 2003
[1] The MSRB previously published notices on this matter. See Municipal Fund Securities Limited Principals (Series 51) and E-Mail Contacts Under Rule G-40, MSRB Notice 2003-1 (January 9, 2003); and Municipal Fund Securities Limited Principal Examination (Series 51) Available on January 2, 2003 (December 20, 2002).
