SEC Approves Amendments to MSRB Rules Regarding Disclosure of Contributions to Ballot Campaigns
The SEC has approved amendments to MSRB Rules G-37 ("Political Contributions and Prohibitions on Municipal Securities Business") and G-8 ("Books and Records to Be Made by Brokers, Dealers, and Municipal Securities Dealers"), requiring additional public disclosure of information related to broker, dealer, and municipal securities dealer contributions to ballot campaigns. The Rule G-37 amendments will add greater specificity to public disclosures concerning contributions made by dealers and dealer personnel to bond ballot campaigns and any municipal securities business awarded as a result of the corresponding bond ballot measures. It will be required to report the additional information on the revised MSRB Form G-37 and submit it to the MSRB. The Rule G-8 amendments require dealers to maintain records relating to the additional information disclosed under the amendments to Rule G-37.
The effective date of the amendments is the start of the second quarter following the date of SEC approval, which is the quarter beginning July 1, 2013.