TRAVERSE CITY, Mich. -- Sponsorships of public finance conferences by municipal securities firms is a gray area under the Municipal Securities Rulemaking Board's ban on campaign contributions, an industry executive said yesterday.

R. Fenn Putman, a managing director at Lehman Brothers and chairman of the Public Securities Association, said it is still unresolved whether or not the ban that went into effect April 25 covers sponsorship of conferences.

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