Glossary of Municipal Securities Terms


(1) A municipal securities dealer acting as agent who places a new issue of municipal securities directly with investors on behalf of the issuer.

(2) An entity that may be registered as a broker-dealer, investment adviser and/or municipal advisor that solicits municipal entities (e.g., public pension plans) to invest assets of the municipal entity with investment professionals, such as asset managers. See: PRIVATE PLACEMENT. Compare: UNDERWRITER.

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