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The MSRB regulates all but one of the following market participants. Which one is not managed by the Municipal Securities Rulemaking Board? municipal advisers broker

The MSRB regulates all but one of the following market participants. Which one is not managed by the Municipal Securities Rulemaking Board?
municipal advisers
broker-dealers who trade or issue municipal securities
investment banking firms that are involved in municipal security issuance
state and local governments who are issuing the debt
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