Glossary of Municipal Securities Terms

SECURITIES AND EXCHANGE COMMISSION (SEC OR THE COMMISSION)

The federal agency responsible for supervising and regulating the securities industry. Although municipal securities are exempt from the SEC’s registration requirements, municipal securities dealers and municipal advisors are subject to SEC regulation and oversight. The SEC also has responsibility for the approval of MSRB rules and enforces anti-fraud provisions of the federal securities laws in the sale and purchase of municipal securities. See: SECURITIES ACT OF 1933; SECURITIES EXCHANGE ACT OF 1934; RULE 10b-5.

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