Municipal Securities Act

Municipal Securities Act - Defines, under the Securities Exchange Act, specified terms relating to municipal securities. Provides that no municipal securities dealer (other than one registered as a broker or dealer under this Act) shall make use of the mails or interstate commerce to effect any transaction in any municipal security unless such dealer is registered in accordance with this Act. Prescribes the procedure for such registration and circumstances under which registration shall be denied, revoked, or suspended. Directs the Securities Exchange Commission to establish a Municipal Securities Rulemaking Board. Directs the Board to adopt rules governing transactions in municipal securities by brokers, dealers and municipal securities dealers. Sets forth the purposes and minimum content of such rules. Authorizes the Commission to abrogate, alter, or supplement such rules in accordance with specified procedures.

Authorizes the Commission to, by order, censure, suspend for a period not exceeding twelve months or revoke the registration of, or impose appropriate limitations on the activities, functions, and operations of, any municipal securities dealer if it finds, on the record after notice and opportunity for hearing, that such censure, denial, suspension, revocation, or limitation is in the public interest and that such municipal securities dealer has committed or omitted any act or omission prohibited by specified provisions of law.

Authorizes the Commission to at any time or from time to time conduct such reasonable periodic, special, or other examinations of the accounts, correspondence, memorandums, papers, books, and other records of municipal securities dealers as the Commission may deem necessary or appropriate in the public interest or for the protection of investors.