Caplin & Drysdale Comments on Municipal Securities Rulemaking Board's Proposed Changes to "Pay-to-Play" Restriction

Political Law Alert

Caplin & Drysdale's Political Law Group submitted on September 30, 2014 a comment to the Municipal Securities Rulemaking Board ("MSRB") regarding proposed changes to Rule G-37, which is MSRB's so-called "pay-to-play" restriction.  MSRB announced in August 2014 that it will extend existing Rule G-37 to bar municipal advisors from engaging in municipal advisory business with issuers if certain political contributions are made.  MSRB has invited public comment on the Rule until October 1st.  Caplin & Drysdale suggested in its comment that MSRB make an effort to harmonize Rule G-37 with a similar Securities & Exchange Commission pay-to-play regulation in order to ease the regulatory burden on individuals and entities covered by the Rule.

For more information on MSRB's ongoing rulemaking and on pay-to-play rules generally, please contact the following attorneys in Caplin & Drysdale's Political Law Group

Trevor Potter

Matthew T. Sanderson


For half a century, Caplin & Drysdale has been a leading provider of a full range of tax, tax controversy, and related legal services to companies, organizations, and individuals throughout the United States and around the world.  With offices in New York City and Washington, D.C., the firm also provides counseling on matters relating to bankruptcy, creditors' rights, political activity, exempt organizations, complex litigation, employee benefits, private client services, corporate law, and white collar defense.  For more information, please visit us at

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This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

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