WASHINGTON - The Municipal Securities Rulemaking Board will adopt a rule in July that deals with political contributions made by municipal securities firms and their employees to state and local officials, MSRB Executive Director Christopher A. Taylor said today.

Taylor said the action would take place at the meeting scheduled for July 28 through July 30 in Colorado Springs, but he declined to say exactly what the rule would require.

Taylor's comments, which marked the first time a board official had said the MSRB would take definitive action on the matter, came three weeks after the MSRB announced that it is considering writing a rule "requiring dealers and associated persons to make additional disclosures regarding their political contributions prior to any underwriting activity.

Any rule adopted by the MSRB would have to be approved by the Securities and Exchange Commission before it went into effect.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.