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
A person providing municipal advisory services generally must register as a municipal advisor with the SEC and register with the MSRB; broker-dealer registration is not required solely because of advisory activity.
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