Morgan, Lewis & Bockius·FINANCIAL REGULATION

SEC Proposes Rescinding Investment Adviser Pay-to-Play Rule

The SEC voted September 3, 2026 to propose eliminating Rule 206(4)-5, citing unintended consequences including blanket political contribution bans and hiring obstacles, shifting to a principles-based antifraud approach.

sec-rule-206-4-5pay-to-play-rescissioninvestment-adviser-compliancepolitical-contributionsprinciples-based-regulation
Read the original firm alert → Saturday, September 12, 2026

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