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ARTICLE · 04 AUGUST 2009

SEC Proposes Rules To Eliminate “Pay-To-Play” Practices

Sidley Austin LLP
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On July 22, 2009, the U.S. Securities and Exchange Commission (the “SEC”) held an open meeting, during which it voted to propose new rule 206-4(5) (the “Proposed Rule”) under the Investment Advisers Act of 1940 (as amended, the “Advisers Act”) designed to eliminate “pay-to-play” practices.

United StatesStrategy
Sidley Austin LLP'S Investment Management Practice
Sidley Austin LLP'S Investment Management Practice

This article was originally published 23 July, 2009

On July 22, 2009, the U.S. Securities and Exchange Commission (the "SEC") held an open meeting, during which it voted to propose new rule 206-4(5) (the "Proposed Rule") under the Investment Advisers Act of 1940 (as amended, the "Advisers Act") designed to eliminate "pay-to-play" practices. Under the Proposed Rule, an investment adviser seeking to provide investment advisory services to a government entity would be prohibited from making or soliciting political contributions or related payments to or for elected officials or candidates in exchange for the award of an investment advisory services contract with such government entity.

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