Law360, New York (November 06, 2007, 12:00 AM ET) -- The U.S. Securities and Exchange Commission has partially overturned a decision by the National Association of Securities Dealers in a municipal bonds case, on the grounds that the regulator took an overly broad interpretation of the “pay-to-play” rule.
The SEC said Monday that the NASD, now known as Financial Industry Regulatory Authority (FINRA), erroneously applied the Municipal Securities Rulemaking Board's pay-to-play rule in finding that Sisung Securities Corp. and President Lawrence Sisung Jr. improperly contributed to Louisiana lawmakers who served on the state's bond commission....
SEC Tosses Part Of NASD Ruling In Muni Bond Case
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