2.5.5.2. Ban on Business
A contribution will trigger a ban on municipal advisory business of a municipal advisor with a municipal entity if the contribution was made by any of the following:
• Municipal advisor
• Municipal advisor professional (MAP)
• Political action committee (PAC) that is controlled by either the municipal advisor or a MAP of the municipal advisor
• Municipal advisor third-party solicitor or one of its MAPs or PACs (and the firm was engaged by a municipal advisor to solicit municipal advisory business)
Municipal advisory business includes any activities that would require a person to be registered as a municipal advisor. This includes giving advice on the issuing of municipal securities and soliciting municipal entities and their obligated persons.
A contribution will trigger a ban on municipal securities business with a municipal entity if the contribution was made by any of the following:
• Municipal securities dealers (including broker and dealers)
• Municipal finance professional (MFP)
• PAC that is controlled by either the municipal securities dealer or an MFP of the municipal securities dealer
Municipal securities business in this context is defined as:
• Purchase of securities in a primary offering from an issuer (a negotiated underwriting, not a competitive underwriting)
• Offer or sale of securities in a privat