12.4.2009 The Municipal Securities Rulemaking Board (MSRB) filed with the SEC amendments to Rule G-37, on political contributions and prohibitions on municipal securities business, and Rule G-8, on books and records to be made by brokers, dealers and municipal securities dealers. The proposed amendments to Rule G-37 would require the public disclosure of contributions to bond ballot campaigns made by dealers, municipal finance professionals (MFPs), their political action committees, and non-MFP executive officers on MSRB Form G-37. Dealers would be required to report on revised Form G-37 the official name of each bond ballot campaign receiving contributions during such calendar quarter; the jurisdiction (including city/county/state or political subdivision) by or for which municipal securities, if approved, would be issued; the contribution amount made; and the category of contributor. The proposal would provide a de minimis exception from the reporting of contributions on Form G-37 made by an MFP or non-MFP executive officer to a bond ballot campaign for a ballot initiative with respect to which such person is entitled to vote if all contributions by such person to such bond ballot campaign, in total, do not exceed $250 per ballot initiative. The amendments would parallel the existing disclosure requirements for contributions to issuer officials and state and local political parties. Such amendments would not, however, provide for a ban on municipal securities business as a result of contributions to bond ballot campaigns. The proposed amendments to Rule G-8 would require dealers to create and maintain records of the non-de minimis contributions to bond ballot campaigns.
The MSRB requested that the proposed rule change become effective on, and would apply solely to contributions made on or after, the first business Monday at least five business days after SEC approval.
Click http://www.msrb.org/msrb1/whatsnew/2009-62.asp to access the release.