TITLE

MSRB Amends Proposed Look-Back, Look-Forward Rules

AUTHOR(S)
Ferris, Craig T.
PUB. DATE
March 2003
SOURCE
Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Municipal Securities Rulemaking Board yesterday filed an amendment to its previously proposed revisions to Rule G-37 on political contributions that would ease, but not eliminate, the so-called look-back and look-forward provisions for supervisory and management-level municipal finance professionals (MFP) who are not primarily engaged in municipal securities representative activities. For MFPs who solicit municipal securities business, the two-year look-back provision would be retained but would be limited only to contributions to officials whom the issuer solicited for business. Besides the changes in the look-back and look-forward provisions, the original rule filing would automatically exempt dealers from the rule's two-year ban on business in certain cases involving small political contributions and would exempt retail salespersons from the rule unless they solicit municipal securities business. Under the rule, a dealer is generally banned from engaging in any negotiated municipal securities business with an issuer for two years if it or its municipal finance professionals make political contributions to issuer officials who can influence the award of bond business.
ACCESSION #
9440129

 

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