The Municipal Securities Rulemaking Board declined to amend its Rule G-37 on political contributions yesterday in the aftermath of a Securities and Exchange Commission decision that sided with a Louisiana-based securities firm and its president over another regulator in connection with one of the rule's terms.

In a seven-page letter to the SEC that was signed by MSRB executive director Lynnette Hotchkiss, the board said that it does not believe it is necessary to clarify the definition of "issuer official" in light of the commission's November opinion that partly reversed an enforcement action the NASD, now the Financial Industry Regulatory Authority, brought against New Orleans-based Sisung Securities Corp, and its president, Lawrence J. Sisung Jr five years ago. In its November ruling, the commission asked the board to consider amending the rule.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.