Which group is NOT directly regulated by the MSRB?

Issuers of municipal bonds are not directly regulated by the Municipal Securities Rulemaking Board (MSRB). The MSRB primarily oversees the conduct of broker-dealers, municipal advisors, and other market participants involved in municipal securities transactions. Its regulations focus on ensuring fair practices, transparency, and adequate disclosure within the municipal securities market.

While issuers of municipal bonds have a critical role in the market, they are generally subject to regulation by other entities, such as the Securities and Exchange Commission (SEC) and state authorities. These entities focus on disclosure obligations and the issuance process rather than direct oversight by the MSRB.

The other groups mentioned, such as bank dealers, broker-dealers that underwrite municipal bonds, and trade and salespeople involved in selling municipal bonds, fall under the purview of MSRB regulations. This ensures that all transactions within the municipal securities market adhere to established standards and practices to protect investors and maintain market integrity.