MSRB Reports, Volume 17 Number 1 -- January 1997

Volume 17, Number 1--JANUARY 1997


Associated Persons of Bank Dealers: Rule G-37

The Federal Reserve Board recently lifted restrictions on how bank securities underwriting units market and conduct business with other bank affiliates. The new rules will eliminate bans on connections between officers, dealers, and employees of Section 20 subsidiaries and affiliated banks. The Board is reminding bank dealers of the application of rule G-37, on political contributions and prohibitions on municipal securities business, to "municipal finance professionals," including associated persons of dealers (see Section 3(a)(18) of the Securities Exchange Act) who solicit municipal securities business from issuer officials. Also, these associated persons should be made aware that the definition of "contribution" contained in rule G-37(g)(i) includes, in addition to direct contributions to an official of an issuer, monies given for transition or inaugural expenses and the payment of debt for an election.

In This Issue

Also In This Issue

  • Telemarketing
    Rule and Amendments Approved: Rules G-39, G-21, G-8 and G-9
  • Use of Facsimile Transmissions for Close-Outs
    Notice of Interpretation: Rule G-12(h)
  • Recommendations Requested for Board Nominations


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