News & Analysis as of

Pay-To-Play

6th Circuit Rejects GOP Suit Against MA Pay-to-Play Rule

by Burr & Forman on

The Sixth Circuit Court of Appeals dismissed a suit by the Tennessee, Georgia and New York Republican parties challenging the constitutionality of an MSRB extending pay-to-play prohibition to municipal advisors. The Court...more

Lessons Learned from the Della Pello Decision

by Genova Burns LLC on

Earlier this year, a government contractor lost just over $7 million in New Jersey state government contracts because of a single political contribution that was inadvertently made payable to the WRONG political recipient....more

NJ’s Gubernatorial Election – Public Matching Funds and the Role of Outside Money

by Genova Burns LLC on

On the same day that it was announced that Kim Guadagno and Phil Murphy both qualified for public matching funds in New Jersey’s 2017 gubernatorial election, the New Jersey Election Law Enforcement Commission issued a News...more

Does A Political Yard Sign Really Violate Investment Advisers Act?

by Allen Matkins on

“Congress shall make no law . . . abridging the freedom of speech . . . .” Doug Cornelius recently published this post reporting that the SEC staff is taking the position that the pay-to-play rule, Rule 206(4)-5, applies...more

Corporate Venture Capital Survey: Q1 2017

by Morgan Lewis on

During the first quarter of 2017, corporate venture capital (CVC) programs at major companies continued to make significant investments in promising startups and late-stage enterprises. In this survey, we briefly review...more

Trends in Legal Terms in Venture Financings in Israel - Full Year 2016

by Fenwick & West LLP on

Background — We have analyzed the terms of venture financings for Israeli and Israeli-related technology companies that reported raising money during the year 2016. Our survey does not include financing rounds of less than US...more

First Plea Deal Reached In LA Casting Workshop Prosecutions

by Fox Rothschild LLP on

We reported previously that LA City Attorney Mike Feuer had brought misdemeanor criminal charges against five casting workshops and 25 individuals under the Krekorian Talent Scam Prevention Act. Feuer alleged that the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed one settled administrative proceeding this week involving an investment adviser. The Order charged cherry picking, making misrepresentations to clients regarding certain fees and a failure to trade a fund...more

B/D Executive Pleads Guilty In Bribery Scheme Uncovered by SEC

by Dorsey & Whitney LLP on

A New York public pension fund was at the center of a pay-to-play scheme uncovered by the SEC. The inquiry ended with charges from the Manhattan U.S. Attorney’s Office against a former managing director of a registered...more

Silicon Valley Venture Capital Survey - First Quarter 2017

by Fenwick & West LLP on

We analyzed the terms of 191 venture financings closed in the first quarter of 2017 by companies headquartered in Silicon Valley. Overview of Fenwick & West Results - Venture valuations showed small...more

Political Participation in 2017: Top Legal Concerns for Your Company

by Perkins Coie on

Change has come to Washington, D.C. and state legislatures around the country. The fast pace of political changes ushered in during early 2017 can create both challenges and opportunities when it comes to complying with the...more

Regulatory Update and Recent SEC Enforcement Actions

by Blank Rome LLP on

REGULATORY UPDATE - Ten Investment Advisory Firms Subject to Steep Penalties after Violating Pay-to-Play Rules - In January 2017, 10 investment advisory firms agreed to settle with the U.S. Securities and Exchange...more

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

by Robinson & Cole LLP on

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

Is the Time Ripe for New Jersey Pay-to-Play Reform?

by Genova Burns LLC on

For more than a decade, New Jersey has had in place a series of pay-to-play laws that impose reduced contribution limits and heightened disclosure requirements for government contractors. The goal of these laws is to ensure...more

Questions & Answers on State and Local Variations on the SEC Pay-to-Play Rule

by K&L Gates LLP on

Many states and municipalities have adopted laws and regulations that affect how investment managers may solicit investment advisory business, including investment in sponsored public and private funds, from the state...more

Deadline for New Jersey's Annual Pay-to-Play Disclosure is Approaching: Is Your Company Ready to File?

by Genova Burns LLC on

The New Jersey Election Law Enforcement Commission (“ELEC”) requires each business entity that received payments of $50,000 or more (in the aggregate) as a result of government contracts during the 2016 calendar year to...more

Plainfield Repeals Local Pay-to-Play Ordinance

by Genova Burns LLC on

New Jersey is home to a multitude of overlapping pay-to play laws. The State has a default statute covering pay-to-play restrictions at the municipal level. In 2006, however, the State Legislature allowed municipalities to...more

UPDATE: Continued Regulatory Focus on US Political Contributions

by Dechert LLP on

Recent actions by financial industry regulators, including the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority, Inc. (“FINRA”), and the Municipal Securities Rulemaking Board (“MSRB”),...more

When it Comes to Pay-to-Play, Not All Political Recipients are Created Equal

by Genova Burns LLC on

If any New Jersey State contractor or potential State contractor out there ever thought that it didn’t need to put political-activity and pay-to-play compliance at the top of its “To Do” list, we have a cautionary tale for...more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

Ten Investment Advisory Firms Violate SEC's Pay-to-Play Rule

by BakerHostetler on

The Securities and Exchange Commission recently announced that ten investment advisory firms agreed to pay penalties in the tens of thousands of dollars to settle SEC charges that they violated the SEC’s pay-to-play rule,...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

by Foley Hoag LLP on

Investment Advisers - Annual Compliance Reviews - All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their compliance...more

Investment Management Legal + Regulatory Update – February 2017

by Morrison & Foerster LLP on

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

Pay-to-Play Enforcement Sweep Snares Private Equity and Venture Capital

On January 17, 2017, the SEC announced nine settled enforcement actions for violations of the pay-to-pay rule against private equity, venture capital and hedge fund sponsors. The firms involved agreed to pay monetary...more

CFTC Issues Interpretation on Federal Transition and Inaugural Contributions

On December 23, 2016, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued a staff interpretation saying that, in its view, contributions by swap dealers and their...more

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