Glossary of Municipal Securities Terms

SECURITIES EXCHANGE ACT OF 1934

Federal securities legislation originally enacted in 1934 that provides for, among other things, the regulation of the marketplace for securities. Regulation of broker-dealer activities in the municipal securities market is primarily effected through the rules of the MSRB, which was created under Section 15B of the Securities Exchange Act. In addition, certain SEC rules, including but not limited to Rule 10b-5 and Rule 15c2-12, apply to transactions in municipal securities.

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