What are the professional qualification requirements for principals supervising Municipal Fund Securities transactions?
MSRB Rule G-3 generally requires that all municipal securities transactions be supervised by a municipal securities principal (Series 53). MSRB Rule G-3 has been amended to include a transition provision providing that, until March 31, 2003, if a firm’s municipal securities activities are limited exclusively to municipal fund securities, the firm may fulfill its obligation to have a municipal securities principal by designating either an investment company/variable contracts limited principal (Series 26) or a general securities principal (Series 24) to act as a municipal fund securities limited principal. Effective April 1, 2003, all municipal fund securities principals will need to be qualified by taking and passing either the general municipal securities principal qualification examination (Series 53) or the municipal fund securities limited principal qualification examination (Series 51), if the firm’s only municipal securities business is the sale of municipal fund securities. Muni
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