Who enforces the rules set forth by the MSRB?

The enforcement of rules set forth by the Municipal Securities Rulemaking Board (MSRB) is primarily the responsibility of self-regulatory organizations (SROs). These organizations, which include entities such as the Financial Industry Regulatory Authority (FINRA), are established to create and enforce regulations within their respective industries. In the case of the MSRB, while it sets the rules for municipal securities, the actual enforcement of these rules is carried out by designated SROs that have been given the authority to regulate the activities of their member firms and associated professionals in relation to those rules. This system helps ensure that the standards set by the MSRB are upheld in practice, thereby promoting fair and efficient trading in the municipal securities market.

While FINRA is an SRO that plays a role in enforcing such regulations, it is essential to recognize that the broader category of SROs encompasses all organizations tasked with this enforcement role. Thus, the answer correctly highlights the function of SROs in the enforcement framework pertaining to MSRB rules.