{"abstract":null,"action":null,"agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2003/11/18/03-28763.html","cfr_references":[],"citation":"68 FR 65096","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"(A) for elective office of the issuer which office is directly or indirectly responsible for, or can influence the outcome of, the hiring of a broker, dealer or municipal securities dealer for municipal securities business by the issuer; or (B) for any elective office of a state or of any political subdivision, which office has authority to appoint any official(s) of an issuer, as defined in subparagraph (A), above.\" It is clear from the rule that, at the time the contribution is made, if the recipient of that contribution is an \"official of an issuer,\" then the dealer is subject to the two-year ban on business with the issuer, regardless of whether the candidate wins or loses the election. Any other result would mean that municipal finance professionals could make contributions to issuer officials, but the ban on business would not be triggered (if at all) until election results were known. (February 16, 1996)","disposition_notes":null,"docket_ids":["Release No. 34-48752","File No. SR-MSRB-2003-08"],"dockets":[],"document_number":"03-28763","effective_on":null,"end_page":65106,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2003/11/18/03-28763.xml","html_url":"https://www.federalregister.gov/documents/2003/11/18/03-28763/self-regulatory-organizations-notice-of-filing-and-immediate-effectiveness-of-proposed-rule-change","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/03-28763?publication_date=2003-11-18","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2003-11-18/03-28763/mods.xml","not_received_for_publication":null,"page_length":11,"page_views":{"count":13,"last_updated":"2026-04-04 12:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2003-11-18/pdf/03-28763.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2003-11-18","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2003/11/18/03-28763.txt","regulation_id_number_info":{},"regulation_id_numbers":[],"regulations_dot_gov_info":{},"regulations_dot_gov_url":null,"significant":null,"signing_date":null,"start_page":65096,"subtype":null,"title":"Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Municipal Securities Rulemaking Board Relating to Interpretation of Rule G-37 on Political Contributions and Prohibitions on Municipal Securities Business","toc_doc":"Municipal Securities Rulemaking Board","toc_subject":"Self-regulatory organizations; proposed rule changes:","topics":[],"type":"Notice","volume":68}