WASHINGTON -- The Public Securities Association is warning the MSRB that its pay-to-play rule could put firms' general sales forces in an "untenable position" and wants the board to exclude such employees from the measure.

If the Municipal Securities Rulemaking Board cannot flatly exempt such employees, then it should amend the rule to allow firms to determine annually, rather than on a day-to-day basis, whether a general sales employee is covered by the rule.

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