Series 51

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The Municipal Fund Securities Examination, or Series 51, is required of anyone who manages, directs or supervises activities in mutual fund securities (Section 529 Plans). Such individuals must be licensed as either a Series 51 Limited Principal or Series 53 Municipal Securities Principal.

The Series 51 was developed for broker-dealers who do not deal in traditional municipal securities and thus do not have a Series 53 licensed principal. These broker-dealers are NASD members that either have Series 24 or Series 26 licensed principals. These individuals can "tack on" a limited municipal principal license to supervise the sale of Section 529 plans by becoming Series 51 principals.

The Series 51 is a 2-hour, 60 multiple-choice question exam categorized as follows:

Category	Questions	% of Exam
Regulatory Structure	3	5%
Product Knowledge	12	20%
General Supervision	12	20%
Fair Practice and Conflicts of Interest	9	15%
Sales Supervision	12	20%
Underwriting and Disclosure Obligations	6	10%
Operations	6	10%

 

Series 51 Exam Fee: $75
(Effective January 1, 2005)