Series 79 practice questionmediumBroker-Dealer Registration
A municipal advisor at a registered bank provides advice solely on municipal derivatives, not securities. Which registration is required under the Exchange Act?
- AOnly municipal advisor registration with the MSRB
- BNo registration at all
- CDual registration as both broker-dealer and investment adviser
- DMunicipal advisor registration, but not broker-dealer registration✓ Correct answer
Explanation
Why D — Municipal advisor registration, but not broker-dealer registration
Municipal advisors must register with the MSRB for advisory work but need not register as broker-dealers unless engaging in securities transactions. This nuance is critical for regulatory compliance.
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