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SEC Adopts Pay-To-Play Rule for Investment Advisers

By James A. Kahl, Lawrence H. Norton, Gregg P. Skall

After almost a year of deliberations, on June 30 the SEC approved a "pay-to-play" rule that restricts political contributions by investment advisers that seek business from public pension funds and similar government investment accounts. These pension plans control over $2.6 trillion in assets and account for one-third of all U.S. pension assets.This client alert summarizes key provisions and compliance considerations, as well as record-keeping obligations.Restrictions on Political Contributions read more

Full post as published by Political GPS: Womble Carlyle Political Law on August 07, 2010 (boomark / email).