Series 54: Request For Proposal (RFP) Exemption

Request for Proposal (RFP) Exemption

The request for proposal (RFP) exemption allows market participants (i.e., broker-dealers) to provide advice to a municipality as part of the RFP process. Specifically, the municipality may solicit ideas regarding the issuance of municipal securities in a competitive underwriting process. The request for proposal exemption is narrow and should follow these guidelines:

•The RFP is conducted by the municipal entity or obligated person, or a registered municipal advisor acting on its behalf

•A particular objective is identified in the RFP (e.g., ideas on how to structure a particular issuance