MSRB's role in advising issuers vs. investors?

• A. MSRB rules cover issuers and investors; advisory roles differ by client and fiduciary duties.
• B. MSRB rules apply to issuers only.
• C. MSRB rules apply to all market participants equally.
• D. MSRB has no authority over advisory services.

Answer: (D)

MSRB rules govern how municipal securities professionals—broker-dealers and municipal advisers—conduct themselves when they provide advice in the municipal market, whether that advice goes to issuers or to investors. The board does not regulate issuers themselves and does not oversee every aspect of advisory services outside the professional conduct of those who are MSRB-regulated. In practice, the MSRB focuses on the behavior of advisers and dealers—disclosures, fair dealing, and fiduciary duties where applicable—rather than dictating every content choice or action an issuer or investor might take.