Series 53: Municipal Securities Dealer

Taken from our Series 53 Online Guide

Municipal Securities Dealer

Collectively, all broker-dealers and bank dealers that underwrite, trade, and sell municipal securities are known as municipal securities dealers.

The 1934 Act defines a municipal securities dealer as 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. However, municipal securities dealers do not include:

  • Those that buy or sell municipal securities for their own account, but not as part of a regular business (This allows individuals and firms to be able to trade in municipal securities for investment purposes without being called a municipal securities dealer.)
  • Banks that only act as agents, not dealers (However, remember that a separate division

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