A registered representative ("rr") is an MFP of a municipal securities firm that is an underwriter for that municipal issuer. The MFP volunteers his time to the election campaign of a candidate for mayor of the issuer by offering to host a reception. The "rr," who is entitled to vote in the election, does not make a contribution to the elected official’s campaign, but does pay $300 of "out of pocket" expenses for the cost of the reception. Which statement is TRUE?

Question

05-08-2020
Business

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A registered representative ("rr") is an MFP of a municipal securities firm that is an underwriter for that municipal issuer. The MFP volunteers his time to the election campaign of a candidate for mayor of the issuer by offering to host a reception. The "rr," who is entitled to vote in the election, does not make a contribution to the elected official’s campaign, but does pay $300 of "out of pocket" expenses for the cost of the reception. Which statement is TRUE?

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Munali Munali · Answer 1 · 2020-08-08T11:19:43+02:00

Answer:

The $300 of out of pocket expense exceeds the MSRB political contribution limit and will result in the municipal securities firm being banned as an underwriter for that issuer for 2 years.

Explanation:

The municipal securities firm is is underwriter for municipal issuer. The volunteers have paid $300 out of pocket but they are not entitled to make contribution to the campaign. This will result the firm being banned for two years as an underwriter for the issuer.