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Pay to Play Law Blog Articles, Resources, Insights on Pay to Play Regulations on the Federal and State Level

Tag Archives: Rule G-37

MSRB Scrutinizes PACs and the Potential for Circumvention of Rule G-37

Posted in SEC

Yesterday, the MSRB filed a proposed rule change with the SEC consisting of interpretive guidance in connection with Rule G-37 and the use of political action committees (“PACs”). The MSRB said it is reviewing the pay-to-play rules because recent consolidation in the financial industry has placed bond dealers under the control of banks, bank holding companies and other companies that have PACs.

SEC Warns Firms on Muni Pay-to-Play Rules

Posted in SEC

The SEC has given notice that it intends to take a very active role with respect to pay-to-play issues in the securities markets. It recently issued a report warning firms that municipal securities rules prohibiting pay-to-play apply to affiliated financial professionals, not just a firm’s employees.
The SEC report was issued in connection with an Enforcement Division inquiry into whether JP Morgan Securities Inc. (JPMSI) violated MSRB Rule G-37.