Series 53: Municipal Securities Dealer

Taken from our Series 53 - MSRB Municipal Securities Principal Qualification Exam

Definition of the term Municipal Securities Dealer...

any person, including a separately identifiable department or division of a bank, engaged in the business of buying and selling municipal securities for its own account. Municipal securities dealers do not include:

  • Banks that only act as agents, not dealers
  • Those that buy or sell municipal securities for their own account, but not as part of a regular business


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