Law360, New York (September 11, 2014, 10:05 AM EDT) -- The U.S. Securities and Exchange Commission's Rule 206(4)-5 under the Investment Advisers Act represents the SEC's strongest action to date against "pay-to-play" practices in which investment advisers make political contributions to public officials in attempts to obtain business they might not otherwise win from public pension funds. In essence, the rule prohibits investment advisers from receiving compensation for advisory services to a government entity for two years after the adviser or its "covered associates" makes a political contribution to a public official or candidate who is or would be in a position to influence the award of such business....
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