The head of Norwest Corp.'s securities subsidiary has won a seat on the Municipal Securities Rulemaking Board.

John McCune, president and chief executive of Norwest Investment Services Inc., was named to a three-year term on the 15-member panel, which sets rules for securities firms and banks that underwrite, trade, and sell municipal securities.

He is one of five bankers on the panel. Others are Roger G. Hayes, managing director of NationsBank Corp.'s capital markets unit; Philip S. Peters, chief investment officer of Boatmen's Bancshares; Anthony J. Taddey, a managing director of BankAmerica Corp.'s BA Securities unit; and the board's chairman, Robert H. Drysdale of PNC Bank Corp. (see related article above.)

Norwest Investment Services derives nearly a fifth of its revenues from municipal securities, through its underwriting, trading, and public finance activities, Mr. McCune said in a telephone interview. "Five years ago, it would have been 50%, but we've really grown in mutual funds," he said.

Mr. McCune said he is plowing through about "50 pounds of reading material" to prepare for his first board meeting in November.

He expects disclosures by small bond issuers, such as school districts and public utilities, to be a hot topic this year.

He also expects the board's rule G-37, which limits political contributions by by municipal dealers and underwriters, to receive continuing scrutiny.

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