### Question
How is the "municipal securities dealer" defined?


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

> 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

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER III-TRUST INDENTURES**

