It appears that the violation of the Rule, as described in your letter, relates directly to the failure of the firm to develop and institute procedures reasonably designed to ensure compliance of the Rule i.e., for the review and approval of political contributions by a municipal finance professional prior to making the contribution. Accordingly, the firm's request for an exemption is denied.
The request for exemptive relief is denied. You represent that Firm had established comprehensive and detailed procedures which included the requirement to pre-clear political contributions. Indeed, the firm’s procedures were attached to your exemption request as "Attachment No. 2," and they require that "all public finance employees" of the firm obtain prior approval of political contributions. The CEO did not follow the firm’s established procedures. This lapse by a senior official is significant and leads us to conclude that the request for an exemption should be denied.
Exemptive relief is granted based on the following considerations: (1.) the de minimis nature of the Proposed Hire’s Contribution made more than one year ago; (2.) the Contribution was made by an individual who has never been employed in the municipal securities business.
Exemptive relief is granted based on the following considerations: (1.) the de minimis nature of the Contribution mitigates the probability that the payment will improperly influence issuer officials; (2.) the Contribution was made by an individual who has never been employed in the municipal securities business.
An exemption is granted based on consideration of the MSRB’s published interpretation of Rule G-37 regarding mergers of corporations in the municipal securities industry3 and on your representation that Individual will not be engaged in helping Firm A obtain municipal securities business or engaged in municipal securities representative activities before September 24, 2001, when the two-year ban under Rule G-37 would otherwise expire.
Exemptive relief is granted based on the following considerations: the Contribution was made by an individual who, at of the time of the Contribution, had never been an MFP nor was Name involved in the Firm’s municipal securities business. We believe the possibility that the payment was intended to influence issuer officials is significantly minimized. To the extent that any potential investor protection concerns exist, the staff believes these concerns will be appropriately addressed by the Firm’s existing firewall procedures for Name.
An exemption is granted based on the following: (1) the contribution was made more than one year after Name transferred from the Firm Municipal Finance Department to another department; (2) from his/her transfer on May 1, 2000, to the present, Name continues to be designated an MFP only because of the two year "lookback" provision; (3) Name had no personal involvement in Firm's municipal securities activities with City, including the pre-existing and established selection of Firm as one of several underwriters; and (4) the contribution, which was returned, was made to the campaign of a candidate for public office who is not now an issuer official, and who had no apparent opportunity to influence the award of municipal securities business.
Exemptive relief is granted based on the following considerations: 1) the contribution was inadvertent, de minimis, and was returned; and (2) the contribution was made to a candidate for public office who never had the opportunity to influence the award of municipal securities business (Candidate was not an elected official, was never elected to the office for which he was a candidate, and he died during the election campaign).
Exemptive relief is denied based on the following considerations: (1) this marks the second time in three years that Name made a political contribution without following the Firm’s established pre-clearance processes resulting in a prohibition of municipal securities business under the Rule;5 and (2) Name has an extremely high profile within the Firm and the state’s political and business community. -
Exemptive relief is granted based on the following considerations: (1) the Contribution was made nine months after Name last held a position which would have resulted in his designation as an MFP; (2) since becoming a Title of Company C, Name continues to be designated an MFP only because of the Rule’s two-year “look back” provision; (3) at the time Name was a member of the Firm X Board, Name had no personal day-to-day involvement in Firm X's municipal securities activities, and, since resigning from the Firm X Board, Name has had no involvement in the Firm’s municipal securities business; and (4) , the Contribution was returned and was small.
