August 17, 2016 •
MSRB Rule G-37 Now Includes Municipal Advisors
Effective 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 […]
Effective 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.
August 4, 2016 •
MSRB Clarifies Look-Back Rule for Municipal Advisors under Rule G-37
Today, the Municipal Securities Rulemaking Board (MSRB) filed an amendment with the Securities and Exchange Commission (SEC) clarifying the two-year look-back ban on contributions from municipal advisors in the upcoming amendments to MSRB Rule G-37. The amendments, effective August 17, […]
Today, the Municipal Securities Rulemaking Board (MSRB) filed an amendment with the Securities and Exchange Commission (SEC) clarifying the two-year look-back ban on contributions from municipal advisors in the upcoming amendments to MSRB Rule G-37.
The amendments, effective August 17, 2016, apply regulatory policies to municipal advisors matching the regulatory policies applicable to dealers under the existing rules. Included in the rules is a two-year look-back provision prohibiting contributions in the two years prior to conducting regulated business.
The MSRB states contributions by persons who become associated with a dealer and become municipal finance professionals of the dealer who are affected by new amendments to Rule G-37 taking effect on August 17, 2016, are subject to the two-year look-back in Rule G-37. Contributions made in the two years prior to the August 17 effective date may subject a dealer to a prohibition on municipal securities business.
August 1, 2016 •
SEC Fights MSRB Rule Challenge by Asserting It Cannot Fight
A Municipal Securities Rulemaking Board (MSRB) pay-to-play rule amendment set to take effect on August 17 is being challenged in federal court. However, the Securities and Exchange Commission (SEC) argues it cannot defend the lawsuit because the Consolidated Appropriations Act […]
A Municipal Securities Rulemaking Board (MSRB) pay-to-play rule amendment set to take effect on August 17 is being challenged in federal court.
However, the Securities and Exchange Commission (SEC) argues it cannot defend the lawsuit because the Consolidated Appropriations Act of 2016 prohibits the SEC from using federal funding to finalize, issue, or implement any regulation regarding the disclosure of political contributions, contributions to tax-exempt organizations, or dues paid to trade associations.
The SEC argues the same federal restrictions preclude the commission from using funds to defend the MSRB rule on its merits.
The challenge to the amendment is being made in the Sixth Circuit Court of Appeals in Cincinnati. It was brought by the Georgia and Tennessee Republican parties and the New York State Republican Committee.
Currently, 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. The amendment extends the pay-to-play rule to municipal advisors.
May 6, 2016 •
Amended MSRB Rule G-20 Effective Today
Today, amendments to a Municipal Securities Rulemaking Board (MSRB) conflict-of-interest rule concerning gifts and gratuities take effect. MSRB Rule G-20 includes restrictions limiting gifts to $100 for municipal advisors giving gifts to employees of entities engaged in municipal securities activities. […]
Today, amendments to a Municipal Securities Rulemaking Board (MSRB) conflict-of-interest rule concerning gifts and gratuities take effect. MSRB Rule G-20 includes restrictions limiting gifts to $100 for municipal advisors giving gifts to employees of entities engaged in municipal securities activities. Municipal advisors are also prohibited from receiving reimbursement of entertainment expenses from the proceeds of an offering of municipal securities. The rule is intended to protect against improprieties and conflicts of interest arising when regulated entities give gifts related to the municipal securities or municipal advisory activities of the recipients’ employers.
February 17, 2016 •
MSRB Extends Pay-to-Play Rule to Municipal Advisors and Third-Party Solicitors
Today, the Municipal Securities Rulemaking Board (MSRB) announced new pay-to-play regulations, extending current pay-to-play rules to municipal advisors, including those acting as third-party solicitors. “The integrity of the municipal market will be well-served by regulations to help ensure that all […]
Today, the Municipal Securities Rulemaking Board (MSRB) announced new pay-to-play regulations, extending current pay-to-play rules to municipal advisors, including those acting as third-party solicitors. “The integrity of the municipal market will be well-served by regulations to help ensure that all municipal advisors that do business with state and local governments do so based on the merits of their work and not on financial influence,” said MSRB Executive Director Lynnette Kelly in a press release. The new regulations take effect on August 17.
September 3, 2015 •
MSRB Seeks Approval from SEC for Gift Rule Amendments
On September 2, the Municipal Securities Rulemaking Board (MSRB) requested approval from the Securities and Exchange Commission (SEC) for amendments to MSRB Rule G-20, a conflict-of-interest rule concerning gifts and gratuities. The proposed amendments include limiting gifts to $100 for […]
On September 2, the Municipal Securities Rulemaking Board (MSRB) requested approval from the Securities and Exchange Commission (SEC) for amendments to MSRB Rule G-20, a conflict-of-interest rule concerning gifts and gratuities. The proposed amendments include limiting gifts to $100 for municipal advisors giving gifts to employees of entities engaged in municipal securities activities. The new rules for municipal advisors also would prohibit receiving reimbursement of entertainment expenses from the proceeds of an offering of municipal securities.
“Amending the MSRB’s existing gifts rule would ensure common standards for dealers and municipal advisors that all operate in the municipal securities market,” said MSRB Executive Director Lynnette Kelly in a press release.
September 30, 2011 •
MSRB Rule G-37 Reminder
Municipal Securities
The Municipal Securities Rulemaking Board (MSRB) has issued a reminder regarding the application of rule g-37 to federal election campaigns of issuer officials.
In the notice, the MSRB reminds “brokers, dealers and municipal securities dealers” of prohibitions outlined in previous MSRB guidance notices, which highlight the rules and prohibitions concerning solicitations and contributions for certain state and local officials seeking election to federal office.
Generally, issuer officials are directly or indirectly responsible for, or can influence the outcome of, the hiring of a broker, dealer or municipal securities dealer for municipal securities business.
The reminder can be found here.
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 stateandfed.com.