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MSRB Rules Practice Test

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Which entity is not an MSRB enforcement body for bank dealers?
Correct Answer:
FINRA
Explanation:
Bank dealers are overseen by banking regulators rather than the securities SRO when it comes to enforcing MSRB rules. If a bank is nationally chartered, the Office of the Comptroller of the Currency enforces MSRB rules for that bank; if a bank is a member of the Federal Reserve System, the Federal Reserve Board enforces them; and for insured state banks, the FDIC handles enforcement. FINRA, on the other hand, enforces MSRB rules for broker-dealers that are FINRA members, typically non-bank entities. For bank dealers, FINRA is not the primary MSRB enforcement body, which is why FINRA is not the enforcement authority in this context.

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