Which statement is TRUE about insurance coverage on customer brokerage accounts maintained at banks registered solely as municipal securities dealers

D. No insurance protection is offered on customer municipal accounts maintained at bank broker-dealers

Explanation:

Broker-Dealer are required to register their customers for insurance under the Securities Investor Protection Corporation (SIPC).

Broker-Dealers who however handle only tax-exempt securities such as municipal bonds are not required to be registered under the SIPC.

As this bank handles only municipal securities, they is not required to be registered under the SIPC which means that no insurance protection is offered on customer municipal accounts maintained by them.

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