### Question
How is the "municipal securities investment portfolio" defined?


### Answer
The term **municipal securities investment portfolio** is defined in *15 U.S.C. § 78c* as follows -

> all municipal securities held for investment and not for sale as part of a regular business by a municipal securities dealer or by a person, directly or indirectly, controlling, controlled by, or under common control with a municipal securities dealer

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2B-SECURITIES EXCHANGES**

