Under MSRB rules, a registered representative can perform all of the following functions EXCEPT

• A. Overseeing the activities of other municipal registered representatives
• B. Offering new municipal issues to retail customers
• C. Trading municipal issues in the secondary market
• D. Offering call and put options on municipal securities to customers

Answer: (A)

The key idea here is that supervision of other municipal securities personnel is a function reserved for principals. A registered representative is not empowered to oversee or supervise fellow reps; that responsibility requires being designated as a supervisor (often with a principal-level license such as Series 24) and the appropriate firm approvals. So, overseeing the activities of other municipal registered representatives is not within a registered representative’s duties, making it the exception.

The other activities fit within the scope of a registered representative when the firm has the proper authorizations and the representative is appropriately licensed. Offering new municipal issues to retail customers is a standard sales function tied to the firm’s underwriting or distribution activities, subject to suitability and disclosures. Trading municipal issues in the secondary market is part of the representative’s role in handling orders and executing trades for clients. Offering call and put options on municipal securities can be done if the firm is approved to handle municipal options and the representative has the necessary licensing and supervisory oversight, with all suitability and compliance considerations in place.