Municipal Securities Supervision

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Chapters in this video

  1. 0:00 The three municipal fund securities in Series 6 scope
  2. 1:31 What triggers the MSRB municipal supervision rule
  3. 2:01 Series 53 versus Series 51 principal licenses
  4. 3:45 The Series 26 exam trap: active recall pause
  5. 5:15 Dual compliance: FINRA and MSRB rules together
  6. 6:29 Rapid-fire exam recap

What this video covers

  • The three municipal fund securities in the Series 6 scope: 529 college savings plans, Local Government Investment Pools (LGIPs), and Achieving a Better Life Experience (ABLE) accounts
  • What triggers the MSRB municipal supervision rule versus standard FINRA supervision rules
  • Why a Series 53 municipal securities principal can supervise all municipal activities, while a Series 51 municipal fund securities limited principal is restricted to municipal fund securities only
  • Why a Series 26 principal cannot approve municipal fund securities, and how this is the single most tested gotcha on the topic
  • How the FINRA supervision rule and MSRB municipal supervision rule operate as complementary regimes that a dual-business firm must satisfy simultaneously
  • The prerequisite relationship: holding a Series 26 (or Series 24) is required before adding a Series 51, but the Series 26 alone is invalid for municipal supervision

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