WASHINGTON -- The Municipal Securities Rulemaking Board asked the SEC on Friday to approve several amendments to the board's "pay-to-play" rule that would both relax and tighten some of its provisions.

The proposed revisions to the board's Rule G-37, which governs political contributions, would exempt securities firms' retail sales staffs from the rule and narrow the number of supervisors of municipal finance professionals that are covered, according to the 13-page proposal that was filed with the Securities and Exchange Commission.

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