On March 18, 2010, the SEC announced that it, "issued a report warning firms that municipal securities rules prohibiting pay-to-play apply to affiliated financial professionals, not just a firm's employees."

On March 18, 2010, the SEC issued a Report of Investigation regarding J.P. Morgan Securities, Inc. According to the SEC: "The Division of Enforcement has investigated whether JP Morgan Securities Inc. ('JPMSI'), a broker-dealer registered with the Commission, violated MSRB Rule G-37 ('Rule G-37'). Rule G-37 prohibits a broker, dealer or municipal securities dealer from, among other things, underwriting municipal bonds for an issuer within two years after the broker, dealer or municipal securities dealer or one of its municipal finance professionals ('MFPs') makes a political contribution to an official of that issuer. JPMSI underwrote municipal bonds issued by the state of California within two years after the Vice Chairman of JPMSI's parent bank holding company, JP Morgan Chase & Co., Inc. ('JP Morgan Chase' or 'the Company'), who also led JP Morgan Chase's investment banking business, gave a $1,000 contribution to the Treasurer of the State of California ('California Treasurer'). Although the Vice Chairman of JP Morgan Chase was not a director, officer or employee of JPMSI, he nevertheless was an MFP associated with JPMSI because he functionally supervised JPMSI and served on the executive committee that oversaw JPMSI."