Series 53 Highlights
Number of Items: 100
Format: Multiple Choice
Duration: 3 hours
Passing Score: 70%
Corequisite: Series 52 - Municipal Securities Representative Qualification Examination
Cost: $265
About the Series 53 Examination
The Municipal Securities Principal Qualification Examination (Series 53) is designed to determine whether an individual meets the MSRB’s qualification standards for this registration. The examination measures a candidate’s knowledge of MSRB rules, rule interpretations and federal statutory provisions applicable to the activities listed above. It also measures the candidate’s ability to apply these rules and interpretations to given fact situations.
Eligibility
Individuals must be associated with an MSRB registered dealer to be eligible to take the Series 53 examination. For more information on qualification requirements, refer to MSRB Rule G-3. In addition to passing this examination, a candidate must also be qualified as a municipal securities representative by having passed the Municipal Securities Representative Qualification Examination (Series 52).
Permitted Activities
Pursuant to MSRB Rule G-3 (b)(i), the municipal securities principal bears primary responsibility for overseeing the municipal securities activities of a dealer. In this capacity, a municipal securities principal manages, directs or supervises one or more of the following activities:
- Underwriting, trading or sales of municipal securities;
- Financial advisory or consultant services for issuers in connection with the issuance of municipal securities
- Processing, clearing, and (in the case of securities firms) safekeeping of municipal securities;
- Research or investment advice with respect to municipal securities;
- Any activities which involve communication, directly or indirectly, with public investors in municipal 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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