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Series 51: Municipal Fund Securities Limited Principal Qualification Examination

Series 51 Highlights
 

Number of Items: 60

Format: Multiple Choice

Duration: 1 hours 30 minutes

Passing Score: 70%

Corequisite: Series 24 – General Securities Principal Qualification Examination or Series 26 – Investment Company and Variable Contracts Principal Qualification Examination

Cost: $255


About the Series 51 Examination

The Municipal Fund Securities Limited Principal Qualification Examination (Series 51) is designed to determine whether an individual meets the MSRB’s qualification standards to perform the duties of a municipal fund securities limited principal. The examination measures a candidate’s knowledge of MSRB rules, rule interpretations and federal statutory provisions applicable to the activities listed below. It also measures the candidate’s ability to apply these rules and interpretations to given fact situations in the context of municipal fund securities activities.


Eligibility

Individuals must be associated with an MSRB registered dealer to be eligible to take the Series 51 examination.. For more information on qualification requirements, refer to MSRB Rule G-3. In addition to passing this examination, a candidate must also have previously or concurrently qualified as a General Securities Principal (Series 24) or Investment Company/Variable Contracts (Series 26) Limited Principal. Please see FINRA’s website on qualifications for more information on the prerequisites for the Series 24 and Series 26.


Permitted Activities

Pursuant to MSRB Rule G-3 (b)(i), the municipal fund securities limited principal has primary responsibility for overseeing the municipal fund securities activities of a dealer. In this capacity, a municipal fund securities limited principal manages, directs or supervises one or more of the following activities:

  • Underwriting, trading or sales of municipal fund securities;
  • Financial advisory or consultant services for issuers in connection with the issuance of municipal fund securities
  • Processing, clearing, and (in the case of securities firms) safekeeping of municipal fund securities; 
  • Research or investment advice with respect to municipal fund securities;
  • Any activities which involve communication, directly or indirectly, with public investors in municipal fund securities;
  • Maintaining records on activities described in MSRB Rule G(b)(i)(A-E) and;
  • Training of municipal securities principals or municipal securities representatives.

 

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