Series 54: 1.5.4. Request For Proposal (RFP) / Request For Qualifications (RFQ) Exemption

1.5.4. Request for Proposal (RFP) / Request for Qualifications (RFQ) Exemption

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

• The RFP or RFQ 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 or RFQ (e.g., id