Under MSRB rules, new accounts must be approved, in writing, by the:
Municipal Securities Principal
Under MSRB (Municipal Securities Rulemaking Board) rules, new accounts must be approved, in writing, by the “account executive” and a “principal” of the broker-dealer firm. The “account executive” refers to the registered representative who is responsible for the account, and the “principal” is a supervisory person with the authority to approve or reject the account opening request. This approval process ensures that the broker-dealer firm has conducted necessary due diligence and complied with all applicable regulations regarding account opening for the purchase and sale of municipal securities. It is aimed at protecting investors from fraudulent activities and maintaining the integrity of the municipal securities market.
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