Who must register with the MSRB?

Who must register with the MSRB?

An organization may select one or both organization types consistent with the organization’s activities. Dealers engaging in municipal advisory activities must register with the MSRB as both a dealer and a municipal advisor.

What are municipal advisory services?

A “Municipal Advisor” is generally defined as any person that provides advice to or on behalf of a municipal entity with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial …

What is an obligated person?

More Definitions of Obligated Person Obligated Person means Borrower or any other Person now or hereafter liable for repayment of any or all of the Obligations, whether by guaranty or otherwise.

How do I register with MSRB?

New registrants may begin the registration process by going to the MSRB website at www.msrb.org. Click on the Register link. Select the Dealers and Municipal Advisors option and click Next.

Who enforces MSRB rules?

The SEC maintains oversight for the MSRB and enforces MSRB rules. The MSRB is not authorized to regulate municipal bond issuers directly.

What is the Series 50 exam?

Series 50—Municipal Advisor Representative Examination—is a Municipal Securities Rulemaking Board (MSRB) exam. The exam consists of 100 scored questions and an additional 10 unscored pretest questions. Candidates are given three hours to complete the exam. The passing score is 71%.

Who determines the minimum denomination of a muni bond?

Background. Issuers set minimum denominations for transactions in municipal bonds. The minimum denomination for a municipal bond should be disclosed in the bond offering documents. An issuer may set a high minimum denomination (commonly $100,000) to qualify for exemptions from SEC Rule 15c2-12.

What are municipal financial products?

“Municipal financial product” is defined to mean municipal derivatives, guaranteed investment contracts and investment strategies.