MSRB Proposes Applying Pay-to-Play Rules to Municipal Advisors (Fed. Reg.)

The MSRB's proposed rule changes to MSRB Rule G-37 ("Political Contributions and Prohibitions on Municipal Securities Business"), G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers") and G-9 ("Preservation of Records"), as well as to Forms G-37 and G-37x were published for comment in the Federal Register.

The proposal would amend MSRB Rule G-37 in order to safeguard the municipal securities market against pay-to-play practices. The MSRB also proposed related amendments to MSRB Rules G-8, G-9 and Forms G-37 and G-37x.