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SEC Proposes Prohibitions Against Investment Adviser Pay-to-Play Practices

August 17, 2009

Authors: Donna L. Brooks

The SEC is seeking to curb perceived abuses in the management of public pension funds and other government pools of money by essentially restricting political contributions made by investment advisers to certain political officials and prohibiting the use of third parties, such as solicitors and placement agents, to gain access to decision makers. The SEC has proposed a rule under the Investment Advisers Act of 1940 which would address these “pay-to-play” practices. To view a summary of the proposal and some of its implications, please click here.

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