### Question
How is the term municipal entity defined?


### Answer
The term **municipal entity** is defined in *15 U.S.C. § 78o* as the following:

> any State, political subdivision of a State, or municipal corporate instrumentality of a State, including—


(A) any agency, authority, or instrumentality of the State, political subdivision, or municipal corporate instrumentality

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

