MSRB Seeks Comments on Rule G-37 Revision

Ferris, Craig T.
April 2003
Bond Buyer;4/7/2003, Vol. 344 Issue 31609, p4
Trade Publication
Starting second week of April 2003, public comments will be sought on U.S. Municipal Securities Rulemaking Board's proposed revisions to Rule G-37 on political contributions. The change would ease, but not eliminate, the provisions for supervisory and management-level municipal finance professionals who are not primarily engaged in municipal securities representative activities, according to U.S. Securities and Exchange Commission. Rule G-37, which took effect on April 25, 1994, was designed to prevent municipal dealers from engaging in the practice of giving political contributions to state and local government officials in return for 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 any of its municipal finance professionals make political contributions to issuer officials who can influence the awarding of bond business.


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