Which statement best compares FINRA and the MSRB?

1. AFINRA regulates broker-dealers and registered reps; MSRB sets rules for municipal securities market participants✓ Correct answer
2. BFINRA oversees government agencies; MSRB regulates mutual funds
3. CBoth are government agencies
4. DMSRB enforces FINRA rules

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• A broker-dealer found in violation of SRO rules may be subject to which of the following penalties?
• Why is SRO registration required for broker-dealers?
• What is a key ongoing obligation of SRO member firms?
• A broker-dealer that is a member of both FINRA and the MSRB must follow whose rules?