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IA-2910
SEC Votes on Pay to Play
At Wednesday’s Open Meeting the Securities and Exchange Commission took up the discussion of their proposed rules on pay-to-play for investment advisers. The proposal is a new Rule 206 (4)-5 under the Investment Advisers Act. The Commission voted unanimously to adopt the rule. The rule will have three main prongs: Two Year Time-Out An investment… » Read More
SEC’s Rule on Pay to Play is Coming
It’s been almost a year, but it looks like the SEC is ready to issue its rule on political contributions by investment advisers. They announced the subject matter for the Wednesday June 30 10:00 am open meeting: The Commission will consider whether to adopt a new rule and related rule amendments under the Investment Advisers… » Read More
FINRA and Placement Agents
Will FINRA step in to prevent a ban on placement agents working with government investors? You may remember that last August, the SEC published a proposed rule that would create a prohibition on paying a third party, such as a placement agent, to solicit a government client on behalf of the investment adviser: IA-2910. The… » Read More
Schwarzman Stands up for Placement Agents
“Eliminating placement agents as a group because there were a few bad actors who have tarnished the industry is analogous to eliminating Major League Baseball because several of its players behaved illegally.” Steven Schwarzman, The Blackstone Group’s chairman and chief executive, has submitted a comment letter on the SEC’s proposed ban on placement agents interacting… » Read More
Reasons Why the SEC Wants to Regulate Political Contributions
The SEC has proposed a New Rule on Political Contributions by Certain Investment Advisers to prevent advisers from participating in pay to play practices affecting the management of public pension plans. They had proposed a similar rule in 1999. Many of the comments to that rule said that pay to play was not a problem… » Read More
New SEC Rule on Political Contributions by Certain Investment Advisers
The SEC has just published the text of the proposed rule on political contributions by investment advisers. SEC voted unanimously to propose this rule at its July 22nd Open Meeting. http://www.sec.gov/rules/proposed/2009/ia-2910.pdf The proposed rule is intended to curtail “pay to play” practices by investment advisers that seek to manage money for state and local governments…. » Read More
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Compliance Building is published by Doug Cornelius, focusing on compliance and ethical issues for private equity real estate companies. Read more in About.
