The Securities Industry Association (SIA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on proposed “Questions and Answers” (Q&As) for the application of Rule G-37 to contributions to political party committees and political action committees (PACs), MSRB Notice 2005-11.  The Q&As establish new due diligence standards for broker-dealers relating to Rule G-37.

SIA believes the due diligence standards are so vague that they are impossible to apply.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.