What steps does a municipal securities dealer have to take in order to be registered?

Question: What steps does a municipal securities dealer have to take in order to be registered?

Response: Pursuant to securities law, a dealer in municipal securities may file an application for registration with the Securities & Exchange Commission in such manner and containing documents and information relating to the dealer and any individuals associated with the latter that the Commission determines is appropriate or necessary for investors' protection or the public welfare.  The Commission shall, within 45 days of the filing of the application, either issue registration or commence proceedings to ascertain whether registration should be granted or denied.  The municipal securities dealer will have the opportunity to be heard and be provided with notice of the reasons for denial of the application.  The proceedings are conducted within 120 days of the date of the submission of the application for registration.

Answered by Yara Zakharia

Additional Resource: 15 U.S.C. Sec. 78o-4

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