Who receives only the selling concession during an underwriting?

The selling concession is a portion of the underwriting spread that is specifically allocated to members of the selling group for their role in selling the securities to investors. While the managing underwriter typically receives the largest portion of the underwriting spread, which can include both the management fee and the underwriting fee, selling group members do not receive these other fees; they only earn the selling concession when they facilitate the sale of securities.

Investors, on the other hand, are the buyers of the securities and do not receive any part of the concession. Specialized brokers may also facilitate transactions but are not typically categorized as members of the selling group in the underwriting process.

Thus, the entities that receive only the selling concession, which pays them for their efforts in selling the securities to investors, are the selling group members. Their compensation is directly linked to their sales volume, making them the correct answer in this context.