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Notice to Selected Members

April 18, 1994

Dear Member:

On April 13, 1994, the Securities and Exchange Commission (SEC) approved Municipal Securities Rulemaking Board (MSRB) Rule G-37 regarding political contributions and prohibitions on municipal securities business. Related amendments to Rules G-8 and G-9 on record-keeping and record retention, respectively, were also approved. The limitations and requirements established by Rule G-37. and the changes to Rules G-8 and G-9, are effective April 25, 1994.