WASHINGTON — The Municipal Securities Rulemaking Board plans to propose a draft pay-to-play rule for municipal advisers by the end of the month that will mirror existing political contribution restrictions imposed on dealers under its Rule G-37, chairman Michael Bartolotta told reporters in a conference call Monday morning.

"The rule would restrict advisers from engaging in or soliciting business from municipal entities when an adviser has made certain political contributions to municipal officials responsible for the awarding of business," said Bartolotta, vice chairman of First Southwest Co. in Houston. MSRB officials have said the rule will not be retroactively effective.

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