MSRB Rule G-37: Political Contributions

Political Contributions and Prohibitions on Municipal Securities Business and Municipal Advisory Business (MSRB Rule G-37)

Read the learning objectives and topics covered in this MuniEdPro® course. Log into MuniEdPro®.

Target Audience:                                                                                            

  • Broker-dealers
  • Municipal Advisors
  • Municipal Entities/Issuers

Learning Objectives:

At the end of this course, learners will be able to:

  • Define key terms related MSRB Rule G-37;
  • Describe the prohibitions on engaging in municipal securities and municipal advisory business with a municipal entity following making a triggering contribution to certain municipal entity officials;
  • Identify the prohibitions on soliciting contributions or coordinating contributions to certain municipal entity officials and political parties of a state or locality; and
  • Determine disclosure requirements regarding municipal securities business, municipal advisory business and certain political contributions and related information.
Course Outline:

1. Introduction
a. Rules Review
i. MSRB Rule G-37 – Political Contributions and Prohibitions on Municipal Securities Business and
Municipal Advisory Business
ii. MSRB Rule G-44 – Supervisory and Compliance Obligations of Municipal Advisors
iii. MSRB Rule G-27 – Supervision

2. What Do You Know?
a. Ban on business
b. Triggering contribution      
c. De Minimis contribution     
d. Definitions
i. Municipal Finance Professional   
ii. Municipal Advisor Professional    
e. Look back     
f. Disclosure requirements

3. Excluded Contributions
a. Definitions
b. Ban on business
c. Disclosure requirements
d. Triggering contribution

4. Use of Firm Resources
a. Definitions
b. Ban on business
c. Disclosure requirements
d. In-kind contributions
e. Volunteering
f. Solicitation of contributions

5. Dealer-Municipal Advisor Firm not a Municipal Advisors Third-Party Solicitor
a. Definitions
b. Ban on Business
c. Disclosure Requirements
d. Professional making contribution
e. Triggering Contributions

6. Dealer PAC Contributions
a. Definitions
b. Ban on Business
c. Disclosure Requirements
d. Excluded Contributions
e. Triggering Contributions

7. Third-Party Solicitor Municipal Advisors
a. Definitions
b. Ban on Business
c. Disclosure Requirements
d. Excluded Contributions
e. Solicitation
f. Triggering Contributions

8. Contributions to Inaugural Events
a. Ban on Business
b. Definitions
c. Disclosure Requirements
d. Excluded Contributions
e. Trigger Contributions

9. Assessment