Who must comply with MSRB rules?

• A. Issuers of municipal securities only.
• B. Registered broker-dealers and their associated persons dealing in municipal securities, and municipal advisers in certain contexts.
• C. The general public.
• D. Financial journalists covering the municipal market.

Answer: (B)

MSRB rules regulate the people and firms that actually participate in the municipal securities market. The entities bound by these rules are registered broker-dealers and their associated persons when they deal in municipal securities, and municipal advisers in the contexts where they provide advice or conduct activities related to municipal securities. Issuers aren’t required to adhere to MSRB rules themselves, and individuals outside the industry, like the general public or journalists, don’t have MSRB compliance obligations. This focuses on the professionals who handle, advise on, or underwrite municipal securities.