NASD Notice to Members 00-09 - February 2000

NASD Issues Various MSRB Rule G-37 Decisions on Exemptive Relief

Executive Summary

Since May 1999, NASD Regulation, Inc. (NASD RegulationSM) has considered three requests for exemptive relief under Municipal Securities Rulemaking Board (MSRB) Rule G-37 (Rule G-37 or Rule), relating to political contributions and prohibitions on municipal securities business. NASD Regulation granted exemptive relief to one member firm and denied exemptive relief to two other firms. In one of the cases where NASD Regulation staff denied exemptive relief, the member firm appealed the decision to the National Adjudicatory Council (NAC), which upheld the initial decision.

 

Questions regarding this Notice may be directed to Malcolm Northam, Director, Fixed Income Securities, Department of Member Regulation, NASD Regulation, at (202) 728-8085; or Sharon Zackula, Assistant General Counsel, Office of General Counsel, NASD Regulation, at (202) 728-8985.