SEC Unanimously Adopts "Pay to Play" Restrictions

On June 30, 2010, the Securities and Exchange Commission voted unanimously to impose strict limitations on investments advisers engaging in the practice known as "pay to play." The new rule – proposed in July 2009 – relates to the practice of making campaign contributions to political figures who may be in a position to influence the hiring of money managers by public pension funds and "section 529" college savings plans.  Please see the attached memo for further information.