The Series 51 test is a limited principal exam required by the MSRB for any person who manages representatives who handle Section 529 college savings plans. 529 Plans are deemed municipal securities and, therefore, are under the jurisdiction of the MSRB.
The Series 51 exam was developed for broker-dealers who do no deal in traditional municipal securities and thus do not have the Series 53 licensed principal. There broker-dearlers are FINRA (NASD) members that either have the Series 24 or Series 26 licensed principals. There individuals can "tack on" a limited municipal principal license to supervise the sale of 529 plans by becoming Series 51 principals.Scroll To View Full Catalog