Municipal Securities Dealer Law and Legal Definition
According to 15 USCS § 78c (30), the term municipal securities dealer means “any person (including a separately identifiable department or division of a bank) engaged in the business of buying and selling municipal securities for his own account, through a broker or otherwise, but does not include--
(A) any person insofar as he buys or sells such securities for his own account, either individually or in some fiduciary capacity, but not as a part of a regular business; or
(B) a bank, unless the bank is engaged in the business of buying and selling municipal securities for its own account other than in a fiduciary capacity, through a broker or otherwise: Provided, however, That if the bank is engaged in such business through a separately identifiable department or division (as defined by the Municipal Securities Rulemaking Board in accordance with section 15B(b)(2)(H) of this title [15 USCS § 78o-4(b)(2)(H)]), the department or division and not the bank itself shall be deemed to be the municipal securities dealer.”
Legal Definition list
Related Legal Terms
- Actively Traded Securities
- Adjustment Securities
- Affiliated Persons (Securities)
- Agency Sales Ticket (Securities)
- Agency Transaction (Securities)
- American Municipal Bond Assurance Corporation
- Antifraud Rule [Securities]
- Art Dealers Association of America
- Asset-Backed Securities
- Associated Person of a Broker or Dealer
