WASHINGTON - The Municipal Securities Rulemaking Board will unveil its proposed revisions to the board's political contributions rule today, an MSRB spokesman said yesterday.

The revisions, which are to include one that would protect firms complying with the rule from being penalized for isolated violations by their employees, originally were scheduled to be filed with the Securities and Exchange Commission and released to the public yesterday.

An MSRB spokesman said the filing was delayed because the board staff was still making some minor adjustments in the revisions before sending them to the SEC.

The MSRB's Rule G-37, which took effect on April 25, bars municipal dealers from doing business with state and local governments for two years after the dealer, its political action committee, or its bond professionals contribute to an officeholder who could influence the awarding of negotiated bond business.

The MSRB decided to amend the rule after bond firms that are trying to comply with the rule complained that their business could be hurt because of an isolated violation by an employee.

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