WASHINGTON -- The SEC refused yesterday to suspend key parts of the the Municipal Securities Rulemaking Board's "pay to play" political contributions rule and urged a federal appeals court to take the same action.

The Securities and Exchange Commission announced the actions in a 20-page memorandum and 15-page order filed with the U.S. Court of Appeals for the District of Columbia. The filings came in response to an emergency request filed by Alabama bond dealer William B. Blount on Friday that asked the appeals panel to suspend three provisions of the MSRB's Rule g-37, which took effect April 25.

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