Rule G-37—Regulation of Political Contributions

Often referred to as the pay-to-play rule, this rule prevents securities professionals from winning business through campaign donations to elected officials. It has two main components. First, it prohibits municipal securities dealers and municipal advisors from engaging in certain types of business with a municipality if they or their employed securities professionals have made political contributions to an official of the municipality. This ban on business lasts two years from the date of the triggering contribution. Second, the rule requires municipal securities dealers and municipal advisors to disclose specific informatio