Who Must Register
Brokers, dealers, municipal securities dealers (collectively, "dealers") and municipal advisors must register with the MSRB before engaging in municipal securities and advisory activities. The terms broker, dealer, municipal securities dealer and municipal advisor are defined in the Securities Exchange Act of 1934 in sections 3(a)(4), 3(a)(5), 3(a)(30) and section 15B(e)(4), respectively.
Prior to registering with the MSRB, a dealer or municipal advisor must register with the Securities and Exchange Commission (SEC) and, as applicable, notify a registered securities association or appropriate regulatory agency of its intent to engage in municipal securities and/or municipal advisory activities.
How to Register
Organizations registering with the MSRB for the first time can begin the MSRB registration process by filing Form A-12. There are two organization types for purposes of MSRB registration: dealer and municipal advisor. 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.
Prior to registering with the MSRB, each dealer and municipal advisor must register as such with, and be approved by, the SEC. A firm must also notify a registered securities association or appropriate regulatory agency of its intent to engage in municipal securities and/or municipal advisory activities and provide to the MSRB, on Form A-12, a written statement evidencing that notification.
Organizations with an existing MSRB account can amend their additional organization type(s) by logging into the organization’s current MSRB account and adding a second registration type or withdrawing a registration. More information about adding and withdrawing registration types can be found in the MSRB Registration Manual.
MSRB Registration Rule
MSRB Rule A-12 governs registration with the MSRB by dealers and municipal advisors. The rule establishes Form A-12 as the single, consolidated electronic form by which dealers and municipal advisors provide registration information to the MSRB.
MSRB Registration Fees
MSRB Rule A-12 requires new registrants to pay an initial fee of $1,000 and an annual fee of $1,000. After initial registration, the annual fee is due each MSRB fiscal year and is not pro-rated. The MSRB fiscal year runs from October 1–September 30.
MSRB Rule A-12 requires registered dealers and municipal advisors to appoint a primary regulatory contact to serve as an official contact for purposes of regulatory communications between the MSRB and a principal at the firm. In the case of dealers, the primary contact must be either a Series 53-registered municipal securities principal or a Series 51-registered municipal fund securities limited principal.
Other contacts required on Form A-12 include the master account administrator, compliance officer, billing contact and primary data quality contact. These additional contacts help ensure the MSRB contacts the appropriate person with information or inquiries. Registrants may designate the same person to multiple roles.
- About MSRB Gateway and Types of Gateway Accounts
- Annual Affirmation Guide
- FAQs on MSRB Registration
- MSRB Registration Manual
- Organizational Change Checklist
- Preparing to Submit MSRB Form A-12
- SEC Registration of Municipal Advisors Frequently Asked Questions web page
For further assistance regarding the registration process, please contact MSRB Support at 202-838-1330.