Securities and Exchange Commission: Political Contributions by Certain Investment Advisers
GAO-10-936R: Jul 28, 2010
- Full Report:
GAO reviewed the Securities and Exchange Commission's (SEC) new rule on political contributions by certain investment advisers. GAO found that (1) the final rule and rule amendments address "pay to play" practices in investment advising; specifically, the final rule prohibits an investment adviser from providing advisory services for compensation to a government client for 2 years after the adviser or certain of its executives or employees make a contribution to certain elected officials or candidates; and (2) SEC complied with applicable requirements in promulgating the rule.