This Practice Note provides an overview of the regulatory framework that governs the municipal securities market. It describes the various types of municipal securities; the market participants, including municipal issuers, municipal brokers and dealers, and municipal advisors; and the principal market regulators, including the SEC, FINRA, the Municipal Securities Rulemaking Board, and three federal bank regulatory agencies. It also describes the responsibilities of each market regulator and the requirements applicable to the principal market participants, and it traces through the complexities that have resulted from longstanding limitations on the regulation of this market and the division of authority among regulatory agencies.