Pay-To-Play Rules Are Here To Stay

By Thomas Potter III (July 25, 2017, 11:26 AM EDT) -- In recent years, the U.S. Securities and Exchange Commission has expanded the reach of rules aimed at preventing pay-to-play practices by municipal securities dealers to include investment advisers, municipal advisers and broker-dealers. The Sixth Circuit rejected the latest constitutional challenge. Those rules are here to stay — at least until the constitutional arguments reappear in an enforcement action.

The Issue, Simply

When investment professionals make campaign contributions to political candidates who can influence public institutions' hiring of investment professionals, is that graft? Or is it the constitutionally protected free exercise of political speech? How do we balance those competing concerns?...

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