Series 51: MSRB Rule D-12

Taken from our Series 51 Online Guide

MSRB Rule D-12

MSRB Rule D-12 defines two kinds of municipal fund securities. The MSRB has regulatory responsibility for local government pools and higher education trusts when they meet the following three conditions:

• A dealer is conducting transactions in the trusts.
• The trusts, in fact, constitute municipal securities.
• The trusts are issued by an issue

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