Municipal securities advertising must be approved prior to use by: A the Municipal Securities Rulemaking Board B either the General Principal or Municipal Securities Principal C the Supervisory Analyst D the Financial and Operations Principal

• A. the Municipal Securities Rulemaking Board
• B. either the General Principal or Municipal Securities Principal
• C. the Supervisory Analyst
• D. the Financial and Operations Principal

Answer: (B)

Advertising for municipal securities must be approved before use by a supervisor with responsibility for the firm’s municipal securities business—typically the general principal or the municipal securities principal. This ensures the ad content is accurate, compliant with MSRB rules, and not misleading before it reaches investors. The Supervisory Analyst and the Financial and Operations Principal have other roles (research oversight and back-office/ops compliance, respectively) and are not the designated pre-use approvers for municipal securities advertising. The MSRB itself does not approve each ad; the firm's supervisory principals handle that responsibility.