Series 51: Municipal Securities

Taken from our Series 51 Online Guide

Municipal Securities

Municipal securities are securities issued by city, state, or county governments or an entity derived from local government, such as a school system or a water bureau. Municipal securities are generally sold in a public, over-the-counter market.

Under the Securities Act of 1933 and the Exchange Act of 1934, municipal securities were exempt from the registration and reporting required of most securities. This meant that until the 1970s, the market for municipal

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