The local retirement boards in Massachusetts are subject to new regulations regarding placement agents. That means if you have one of the boards as investor in your fund or a client in your advisory business, you need to supply new information to your clients/investors. Public Employee Retirement Administration Commission is the umbrella regulatory organization that [...]
Tag Archives: Placement agents
Pay to Play Rules for Placement Agents
The SEC imposed strict limitations on the ability of investment advisers to make political contributions when their clients include government bodies when it issued Rule 206(4)-5. They don’t want government investment decisions decided campaign contributions. This limitation also applies to private investment funds under the language of the rule and the changes to the Investment [...]
Placement Agents and the MSRB
In addition to laying out the changes to Form ADV, in Release No. IA-3110 the SEC also took a slightly different course on regulating placement agents. Rule 206(4)-5, released in July 2010, required placement agents to either be registered with the SEC as an investment adviser and subject to the limitation on campaign contributions, or [...]
California’s New Placement Agent Law
California has become the latest state to regulate the use of placement agents who help investment managers secure government pension fund money. (Or is that placement agents who help government pension fund money find suitable investment managers?) California Assembly Bill 1743 was backed by the California Public Employees’ Retirement System, the state treasurer and the [...]
A Closer Look at the new SEC Rule 206(4)-5 on Pay to Play
Over the weekend, the Securities and Exchange Commission released the full text of Rule 206(4)-5 in Release No. IA-3043. I made few notes during the broadcast of the open meeting, but there were lots of unanswered questions. Rule 206(4)-5 is only 12 pages long, but Release IA-3043 also includes another 190 pages of commentary and [...]
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 [...]
New York City Enacts New Rules for Its Pension Fund Investments
New York City Comptroller John C. Liu announced sweeping changes in the way New York City pension funds make investment decisions. Following the lead of New York state and several other states, New York City is changing how it deals with gifts, campaign contributions and placement agents. Ban on Campaign Contributions Comptroller Liu declines any [...]
California Proposes Having Placement Agents Register
Placement agents would have to register as lobbyists under legislation proposed by Assemblyman Ed Hernandez (D-West Covina). The legislation would define placement agents as lobbyists in accordance with the state’s Political Reform Act. Placement agents would have to register as lobbyists before pitching investment ideas to public pension plans in California. It seems like the [...]
California Regulates Use of Placement Agents
California has followed the lead of New York and started regulating the use of placement agents. California’s law requires placement agents to disclose contributions and gifts made to state and local pension and retirement board members, as well as information about the placement agent’s compensation, the services provided, and any lobbying or regulatory registrations. The [...]
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 [...]
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