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Audio Conference: The SEC Enters the Fray Around "Pay to Play"
Caplin & Drysdale

Audio Conference: The SEC Enters the Fray Around "Pay to Play"

Date: 10/1/2009

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Date:
October 1, 2009

Time: 12:30 - 2:00 p.m. EDT

Speakers: Trevor Potter, Member

Description: On July 22, the SEC proposed a new rule that would generally prevent investment advisers from accepting compensation from government clients like public pension plans and similar public investment programs if the adviser or any of its "covered associates" made political contributions to any state or local government officials responsible for hiring investment managers.

This crack-down on so-called "pay to play" practices comes in the wake of several high-profile state attorney general actions in New York, particularly, but also in several other states including Illinois, Pennsylvania, and New Mexico. As drafted, the SEC's proposed rule would most directly impact investment advisers and placement agents - but given the potential scope of this proposal, and of others that may be expected to follow it, participants in any aspect of the financial services industry should follow the development of these new rules closely. The SEC has solicited comments from the regulated community about many aspects of its proposed rules, including several areas about which the SEC has relatively little expertise and may not fully appreciate the consequences of its proposed new policy.

This BNA audioconference will discuss the key parameters of the proposal and its long-term implications for investment advisers, including:

    • The specifics of the proposal itself, including a discussion of some especially problematic or open-ended provisions
    • Factors to consider in determining whether to file comments with the SEC
    • Lessons to be learned from analogous “pay to play” rules already being enforced by the Municipal Securities
    • Rulemaking Board and by many states and localities
    • Potential policies and approaches to consider within the investment advisers’ internal compliance departments in order to align with the proposed rules’ provisions

Who should attend?: In-House Corporate Counsel, Investment Advisers and other executives in the financial services industry
 

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