MSRB Rule G-37 Now Includes Municipal Advisors - State and Federal Communications

August 17, 2016  •  

MSRB Rule G-37 Now Includes Municipal Advisors

MSRBEffective today, the Municipal Securities Rulemaking Board (MSRB) pay-to-play rule extends to municipal advisors. MSRB Rule G-37 prohibits certain political contributions for two years prior to engaging in a municipal securities business where a related official received contributions.

On August 4, the MSRB clarified the two-year look-back ban on contributions from municipal advisors. The MSRB stated contributions by persons who become associated with a dealer, become municipal finance professionals of the dealer, and are affected by today’s amendments to Rule G-37 are subject to the two-year look-back period.

Contributions made in the two years prior to today may subject a dealer to a prohibition on municipal securities business.

Continue Reading

State and Federal Communications, Inc. provides research and consulting services for government relations professionals on lobbying laws, procurement lobbying laws, political contribution laws in the United States and Canada. Learn more by visiting

Sort by Month