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Article: SEC Reverses Part of NASD's G-37 Ruling.
- Article from:
- The Bond Buyer
- Article date:
- November 6, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- The Securities and Exchange Commission overturned part of a ruling by NASD, now FINRA, that found Sisung Securities Corp. and its president, Lawrence J. Sisung Jr., violated Rule G-37, and also urged the Municipal Securities Rulemaking Board to consider clarifying the rule's definition of "issuer official" - which formed the basis for its decision - because it is "subject to interpretation."
In a 15-page opinion issued yesterday, the SEC said New Orleans-based Sisung and its president did not violate G-37 by soliciting and making political contributions from affiliated companies to members of the Louisiana State Bond Commission, and then ...