Series 53 case studies
Series 53 · Put your knowledge to work in context.
The Series 53 - Municipal Securities Principal Qualification Examination - is a multiple-choice qualification exam for professionals who supervise municipal securities activities at a securities firm. It is aimed at principals and supervisors rather than entry-level representatives: people who review municipal underwritings, approve municipal trading and sales activity, oversee municipal fund securities business, and maintain the related supervisory and recordkeeping controls. The Series 53 case studies are 5 cases and about 2,285 words.
1Principal Review of Retail Sales Using a Preliminary Official Statement
At a 22-rep municipal securities firm, you are the designated municipal securities principal. A registered representative, R, has sold 2.6 million of a school district’s limited-offering bonds to 14 retail customers over three weeks.
552 words, about 3 min2Syndicate Preselling and Missing Continuing Disclosure Undertaking
You are the syndicate manager and municipal securities principal for a firm serving as senior manager on a 45 million negotiated revenue bond issue for a water utility. The issuer wants to market the bonds next week.
469 words, about 2 min3Same-Day Markup and Best Execution on a Municipal GO Trade
You are the municipal securities principal reviewing same-day trades. A customer sold $1,000,000 face amount of 4% GO bonds maturing in 2032 at 98.50.
413 words, about 2 min4529 Plan Advertising and Suitability for a Short-Horizon Customer
You are the principal responsible for municipal fund securities at a dealer that distributes a state-sponsored 529 plan. The firm’s marketing brochure states: Our 529 portfolio has averaged 8.5% annual returns over the past five years, guaranteed to beat in-state tuition inflation.
421 words, about 2 min5Political Contribution, Late Questionnaire, and Short Record Retention
You are the compliance principal at a municipal securities dealer. In a routine review, you learn that a municipal finance professional contributed 500 to the re-election campaign of a city mayor.
430 words, about 2 min