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SEC Proposes Pay-to-Play Rules--Restricts Political Contributions and Prohibits Certain Uses of Placement Agents by James S. Seevers
Hunton & Williams LLP - Richmond Office
Cyane B. Crump
Hunton & Williams LLP - Richmond Office
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September 15, 2009
Previously published on August 2009
On August 3, 2009, the Securities and Exchange Commission ("SEC") proposed for comment new Rule 206(4)-5 (the "Proposed Rule") under the Investment Advisers Act of 1940 (the "Advisers Act") relating to "pay-to-play" practices among investment advisers, including certain private investment fund sponsors. The Proposed Rule would both (1) limit the ability of private investment fund sponsors to make or coordinate political contributions to government officials in a jurisdiction where the sponsor raises investment capital from government pension funds, and (2) eliminate the ability of private investment fund sponsors to use third-party placement agents to solicit government pension fund investors.
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