Series 50: TEFRA

Taken from our Series 50 Online Guide

TEFRA

A qualified private activity bond must also meet what is known as the TEFRA requirement. The TEFRA requirement, which is named after the Tax Equity and Fiscal Responsibility Act of 1982, states that in order to be tax-exempt, a private activity bond must first receive public approval. Public approval can be obtained in two ways:

• From an “applicable elected representative” of the issuer after a public hearing

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Five decades in the muni business didn't guarantee I'd pass the Series 50 pilot exam. (Just knowing content doesn’t mean you are ready for the test.) Thankfully, my Solomon Exam Prep materials were fantastic at teaching complex subject matter in a way that made the answers clear, and I passed the test with ease.

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