Dealers Must Disclose More Information on Contributions to Bond Ballot Campaigns

The MSRB received approval from the SEC to expand the disclosures required by MSRB G-37 related to contributions made by municipal securities dealers to bond ballot measure campaigns.

The new disclosure requirements require more information on, among other items, (i) the timing of dealer contributions, (ii) the value and nature of non-cash contributions, and (iii) the identity of the municipal entity issuing the voter-approved bonds. There are also a number of definitional changes made in the relevant rule. The requirements will become effective on July 1, 2013. The information will be published on the MSRB's EMMA® website.

See: MSRB Regulatory Notice 2013-09: SEC Approves Amendments to Require the Public Disclosure of Additional Information Related to Dealer Contributions to Bond Ballot Campaigns under MSRB Rules G-37 and G-8 (links externally to MSRB website).See also: MSRB G-37 (Political Contributions and Prohibitions on Municipal Securities Business)For a compilation of recent news items with respect municipal securities, see "Current Topics - Municipal Securities."