According to:
MSP Code Protection Features
http://www.ti.com/lit/an/slaa685/slaa685.pdf
MSP430F1xx, F2xx, and F4xx family devices JTAG can be secured through a physical JTAG security fuse. The fuse is blown by the programming tool after JTAG or SBW programming. The tool applies a fuse blowing voltage (6.5 V ±0.5 V) on the TEST pin (on devices with a TEST pin) or TDI pin (on devices without a TEST pin) [see MSP430 Programming Via the JTAG Interface (SLAU320)] for more details. Blowing the fuse completely disables the JTAG port and is not reversible, and further JTAG or SBW access is not possible. After the physical fuse is blown, the device is accessible only through the password-protected bootloader, if supported and enabled.

Read this document in detail, it discuss a lot of different variation on the e-fuse implementations among the different families of MSP430 (eg, voltage level)
And take note: even after the fuse is blown, there are still ways to access or read the code:
Is there a way to prevent code being read from an MSP430 without blowing the fuse?