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Wednesday, August 20, 2014

MSRB Proposes Extending ‘Pay to Play’ to Muni Advisers

The Municipal Securities Rulemaking Board proposed to extend its “pay to play” rule to municipal advisers. The proposed amendments to Rule G-37 would add municipal advisers to the existing framework for brokers and dealers — generally prohibiting them from engaging in advisory business with municipal entities for two years after making certain political contributions to public officials who can influence the hiring of advisers.

The rule would also require municipal advisers to disclose their political contributions to officials and bond initiatives on the MSRB’s publicly available Electronic Municipal Market Access website.

The MSRB proposed a similar rule in 2011 that was eventually withdrawn after ABA and others urged the board to wait until after the SEC finalized its own rule. Comments on Monday’s proposal are due on Oct. 1, and the MSRB will host a webinar on the proposed changes on Sept. 11.

Read more.
Read the proposal.

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