SEC Tosses Part Of NASD Ruling In Muni Bond Case

Law360 (November 6, 2007, 12:00 AM EST) -- 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....
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