Municipal Securities Representative
The Series 52 exam qualifies individuals to act as municipal securities representatives. It tests knowledge of municipal bond types, underwriting practices, trading, tax considerations, and Municipal Securities Rulemaking Board (MSRB) regulations. The exam is required for professionals who engage in municipal securities activities with public customers, including sales, trading, and financial advisory services related to municipal issuances. Passing the SIE exam is a prerequisite.
Chapters
Municipal Bonds Overview
GO vs revenue bonds, features, credit analysis, and ratings agencies
Municipal Bond Types
IDR bonds, housing, education, health care, and special tax bonds
Short-Term Municipal Instruments
TANs, RANs, BANs, VRDNs, and municipal commercial paper
The Primary Market
Competitive vs negotiated underwriting, syndicate operations, spread, and allocation
The Secondary Market
Trading, quotations, markups, EMMA, and price transparency
Municipal Credit Analysis
Credit analysis, economic factors, debt ratios, and feasibility studies
Tax Considerations
Tax-exempt status, AMT, de minimis rule, cost basis, and OID
MSRB Rules & Regulatory Framework
MSRB rules, fair dealing, suitability, and political contributions