What is MSRB Rule G-37?
MSRB Rule G-37 attempts to sever any connection between the making of political contributions and the awarding of municipal securities business. Generally, MSRB Rule G-37 prohibits brokers, dealers and municipal securities dealers from engaging in “municipal securities business” with issuers (as defined in the rule) when certain political contributions have been made to officials of such issuers. Further, MSRB Rule G-37 requires brokers, dealers and municipal securities dealers to disclose certain political contributions, as well as other information, by filing quarterly reports with the MSRB.
