Compliance Date Set for Ban on Third-Party Solicitations in Connection with Political Contributions

The SEC issued a notice announcing the compliance date for the ban on third-party solicitations under Investment Advisers Act Rule 206(4)-5 (the "Pay to Play Rule"). The ban prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees make a contribution to certain elected officials or candidates.

The compliance date for the ban on third-party solicitation is extended to July 31, 2015.

See: SEC Notice.Related news: MSRB Determines to Proceed with Best-Execution Standard and Expanded Pay-to-Play Rules (May 6, 2014); MSRB Announces Items for Discussion at Board of Directors Meeting (April 23, 2014); SIFMA Submits Comments to the SEC on a Single General Rule for Prices and Remuneration (March 12, 2014); SIFMA Submits Comments to MSRB on Duties of Non-Solicitor Municipal Advisors (March 11, 2014); MSRB Notice 2013-15: Request for Comment on Proposed Fair-Pricing Rule (August 6, 2013).