Series 53

Municipal Securities Principal

The Series 53 exam qualifies candidates to act as Municipal Securities Principals, responsible for supervising municipal securities activities at broker-dealer firms. This principal-level qualification covers underwriting supervision, secondary market trading, MSRB rules and regulations, political contribution rules, client supervision, and recordkeeping and compliance obligations. A passing score on the Series 52 (Municipal Securities Representative) exam is a prerequisite.

Overall Progress 0%

Chapters

1

Underwriting Supervision

Competitive and negotiated underwriting, syndicate practices, spread components, and principal oversight

30 min read
2

Trading Supervision

Secondary market trading, quotations, EMMA reporting, and trade oversight responsibilities

30 min read
3

MSRB Rules

Key MSRB rules including G-17 fair dealing, G-30 pricing, G-32 disclosures, G-37, and G-42

35 min read
4

Political Contributions

G-37 pay-to-play rules, MFP regulations, de minimis exceptions, and look-back provisions

30 min read
5

Client Supervision

Suitability obligations, communications review, customer complaints, and advertising standards

30 min read
6

Recordkeeping & Compliance

G-8/G-9 record requirements, financial requirements, regulatory reporting, and compliance programs

30 min read