SEC Proposes to Rescind Controversial Pay-to-Play Rule Today
13 Articles
13 Articles
SEC Proposes to Repeal Longstanding Pay-to-Play Restrictions on Investment Advisers
On September 3, 2026, the Securities and Exchange Commission (“SEC”) voted to propose rescinding in its entirety Rule 206(4)-5 under the Investment Advisers Act of 1940, the agency’s longstanding “pay-to-play rule” applicable to investment advisers. If finalized, the proposal would eliminate the most significant federal political law compliance regime for investment advisers and reverse a regulatory framework […]
American Banker
Financial PlanningSEC moves to nullify pay-to-play ban for federal contracts
The Securities and Exchange Commission Thursday issued a proposal that would eliminate a ban on investment advisors receiving government contracts within two years of making political contributions. The agency says existing laws can address pay-to-play conflicts of interest.
The U.S. Stock Exchange and Securities Commission opened a 60-day comment period to remove the pay-to-play rule, a measure that would benefit advisors who manage public funds, but also rekindles the debate about political influence on government pensions.
SEC proposes to delete the rule prohibiting investment consultants who have made political donations to provide services to US public pension funds
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