SEC Nixes Public Pension Fund Pay-To-Play

By Christopher Norton (June 30, 2010, 5:57 PM EDT) -- The U.S. Securities and Exchange Commission decided Wednesday to take up a new regulation barring investment advisers from working with public pension funds once they have made donations to the politicians who oversee those funds.

The rule should "significantly curtail the corrupting influence" of so-called pay-to-play practices by investment advisers, the SEC said.

The regulation adopted by the SEC 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.

Pay-to-play is the practice of making campaign contributions and related payments to elected officials in order to influence...

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