WASHINGTON — Some broker-dealer firms appear to have violated the Municipal Securities Rulemaking Board’s Rule G-37 by engaging in negotiated muni business with issuers within two years after their municipal finance professionals made significant contributions to officials of those issuers, the SEC said Friday.

The SEC made the warning in an 11-page “Risk Alert” it issued to strengthen broker-dealer compliance with the rule. It is designed to prevent muni broker-dealers from engaging in pay-to-play practices under which they make political contributions to issuer officials in return for obtaining underwriting and other muni bond business.

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