News
Rules Implementing Amendments to the Investment Advisers Act of 1940
The Securities and Exchange Commission is adopting new rules and rule amendments under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Order Approving Adjustment for Inflation of the Dollar Amount Tests in Rule 205-3 under the Investment Advisers Act of 1940
Pay-to-Play: SEC Staff Provides New Guidance on Advisers Act Rule 206(4)-5
The staff of the Securities and Exchange prior interpretations of the Municipal Securities Commission’s (“SEC”) Division of Investment Rulemaking Board (“MSRB”) regarding MSRB Management (“Staff”) recently posted to Rules G-37 and G-38 (the “MSRB Rules”), the SEC’s website responses to a series of which address pay-to-play practices in the questions (the “FAQs”) raised by new Rule municipal securities arena. 206(4)-5 (“Rule”) under the Investment 1 Advisers Act of 1940 (“Advisers Act”).
SEC Adopts New Measures to Curtail Pay to Play Practices by Investment Advisers
Washington, D.C., June 30, 2010 — The Securities and Exchange Commission today voted unanimously to approve new rules to significantly curtail the corrupting influence of "pay to play" practices by investment advisers
Pay to play is the practice of making campaign contributions and related payments to elected officials in order to influence the awarding of lucrative contracts for the management of public pension plan assets and similar government investment accounts. The rule adopted by the SEC today includes prohibitions intended to capture not only direct political contributions by investment advisers, but also other ways that advisers may engage in pay to play arrangements.
SEC Approves Disclosure Form Changes to Provide Investors Greater Information About Their Investment Advisers
Washington, D.C., July 21, 2010 — The Securities and Exchange Commission today voted unanimously to adopt changes to the principal disclosure document that SEC-registered investment advisers must provide to their clients and prospective clients.
Form ADV, Part 2 — commonly referred to as the “brochure” — explains to the investor an investment adviser’s qualifications, investment strategies, and business practices.