MSRB seeks SEC approval for disclosures on bond ballot contributions

By Jennifer Chiou

New York, Feb. 14 - The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission for approval on a proposal to expand the disclosures made by municipal securities dealers in connection with contributions to bond ballot measure campaigns, according to an MSRB release.

The board said it believes that making additional information available will help it and the public determine the effect to which contributions affect the integrity of the municipal bond underwriting business.

Comments are due to the SEC by March 7.

The release stated that MSRB rules currently require dealers to disclose certain contributions to bond ballot campaigns and issuer officials, as well as payments to political parties of states and political subdivisions.

The MSRB is now seeking SEC approval to require dealers to also disclose additional information pertaining to bond ballot campaign contributions and the municipal securities business engaged in by dealers resulting from the bond ballot measure to which the contributions were given.

This additional information includes the full issuer name and full issue description of any primary offering resulting from voter approval of a bond ballot measure, the timing of such contributions and the value and nature of the goods or services provided by the dealer to the bond ballot campaign, the board noted.

Questions may be directed to Jennifer A. Galloway at 703 797-6600 or jgalloway@msrb.org.

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