Which of the following describes the primary focus of the Municipal Securities Rulemaking Board (MSRB)?

The Municipal Securities Rulemaking Board (MSRB) is primarily focused on regulating the issuance and trading of municipal securities. Municipal securities are debt instruments issued by states, cities, or other local government entities to finance public projects, such as building schools or highways. The MSRB establishes rules and standards for the municipal securities market to promote fair practices and protect investors. This includes ensuring that participants adhere to ethical standards and providing guidance on the disclosure of relevant information.

The primary role of the MSRB does not involve directly overseeing brokerage firms, regulating the trading of stocks, or enforcing tax compliance, all of which pertain to different regulatory bodies or areas. The specific focus on municipal securities aligns the MSRB's functions with maintaining the integrity and efficiency of the market for these types of debt instruments, which is crucial for public finance.