Glossary of Municipal Securities Terms

OFFICIAL OF AN ISSUER

Any person who, at the time that a political contribution is made, is an incumbent, candidate or successful candidate: (a) for elective office of an issuer where such office is directly or indirectly responsible for, or can influence the outcome of, the hiring of a municipal securities dealer for municipal securities business of the issuer; or (b) for elective office of a state or political subdivision where such office has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of a municipal securities dealer for municipal securities business of an issuer. Certain political contributions to an official of an issuer, or “issuer official,” may result in a municipal securities dealer becoming banned from engaging in municipal securities business with such issuer. See: MUNICIPAL SECURITIES BUSINESS; PAY-TO-PLAY.

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