Who is exempt from municipal registration?
Government Securities traders
What must a firm employing a new municipal principal or representative obtain?
Employment history for the last 10 years and must confirm the last 3 years.
Registration may be suspended for up to 12 months for all of the following:
- Fraudulent application
- Felony
- Name as cause in another’s suspension, expulsion, or revocation of registration.
If a Municipal securities dealer from whom information is requested regarding a former associated person…
The dealer is obligated to respond within 10 business days.
Employment Record requirements
Employment records U4 and U5 must be kept on file until at least 3 years have elapsed from the time an associated person left a firm.
Fully disclosed Broker/Dealer
Would have customer accounts carried at another B/D and would have fewer reporting requirements than the Carrying B/D.