Private Fund Advisers Must Pay Close Attention to Nuances under Pay-to-Play Restrictions in Light of Upcoming Elections Nationwide

by Proskauer - Private Equity Litigation

As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise concerns under existing pay-to-play regulations. Given the magnitude of governmental plan investors in private funds, in addition to a potential loss of revenue, even the disclosure of a pay-to-play inquiry could result in significant reputational implications with current and prospective private fund investors. Accordingly, every private fund adviser should ensure that it complies with the relevant regulations and also aspire to avoid even the slightest suggestion of impropriety with respect to political contribution activities which could be imputed to the firm.

Rule 206(4)-5 under the Investment Advisers Act of 1940 prohibits an investment adviser from receiving compensation from a covered government entity for a period of two years following a disqualifying contribution made by the adviser or a certain category of employees (including those classified as independent contractors) known as "Covered Associates" (discussed below). While seemingly straightforward, Rule 206(4)-5 contains a number of nuances to which private fund advisers should pay close attention. In particular, for the reasons described further below, investment advisers with current or prospective government entity clients in Indiana should exercise caution and consider consulting with experienced counsel before making any contributions directly to, or directly for the benefit of, the vice presidential candidacy of Governor Michael Pence and/or the Trump/Pence Republican ticket.

Indirect Contributions Also Implicate Pay-to-Play Restrictions

Although the SEC has stated that contributions by a Covered Associate's family members are not explicitly prohibited by Rule 206(4)-5, the SEC has reminded advisers that both Rule 206(4)-5 and Section 208(d) of the Advisers Act prohibit an adviser from doing anything indirectly which would be prohibited if done directly. Accordingly, advisers should remind personnel that any political contributions from financial accounts held jointly by an employee and his or her spouse, partner or other familial relationship could be viewed by the SEC staff as contributions, in whole or in part, by the employee.

Contributions made by a private fund adviser or its Covered Associates to a political party, political action committee (PAC) or other committee or organization also could trigger a two-year ban on the receipt of compensation under Rule 206(4)-5 if it is a means to do indirectly what the Rule prohibits if done directly. In this analysis, the SEC has stated that it likely would view such a contribution as implicating Rule 206(4)-5 where (i) the adviser or any of its Covered Associates has the ability to direct or cause the direction of the governance or the operations of the PAC receiving the contribution or (ii) the contribution is earmarked or known to be provided for the benefit of a particular political official. Rule 206(4)-5 also prohibits private fund advisers and their Covered Associates from coordinating or soliciting any person or PAC to make any payment to a political party of a state or locality where the investment adviser is providing or is seeking to provide investment advisory services to a government entity.

A Government Official's "Indirect" Influence Can Trigger Disqualification

Rule 206(4)-5 defines an official of a government entity to include any official who (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by the government entity or (ii) has the authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

The inclusion of the "indirect" responsibility or influence component presents an issue to which private fund advisers must be especially attuned. On the first point, Rule 206(4)-5 encompasses elected officials who have the legal authority to hire or retain the adviser. Generally, executive or legislative officers who hold a position with influence over the hiring of an investment adviser are considered government officials under the Rule. In consideration of this element, private fund advisers should determine whether the official in question serves as an ex officio member of a governing body of any state entity or government-related pension plan.

On the second point, private fund advisers should determine whether the office held or sought by the official has the statutory authority to appoint a member of a governing body of any state entity or government-related pension plan. The SEC has supported its position in this respect by reasoning that a person appointed by an elected official is likely to be subject to that official's influences and recommendations. It is also important to remember that the SEC has taken the position that it is the scope of authority of the particular office of an official, and not the influence actually exercised by the individual, that would determine whether the individual has influence over the awarding of an investment advisory contract for purposes of Rule 206(4)-5.

While a determination of indirect responsibility or influence is a highly facts and circumstances-driven analysis, advisers generally should consider viewing a state government hierarchy as a pyramid, and the higher the official in the pyramid, the more likely that official will be viewed by the SEC as holding at least indirect influence over the administration of the state government entity plan in question.

As a reminder, an official is defined as a person (including any election committee for such person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a state or political subdivision of a state. Accordingly, contributions to federal candidates and officeholders are not covered under the Rule unless they are simultaneously state officeholders or candidates, respectively. This particular scenario is present with the current Republican vice presidential nominee. Indiana Code at Section 5-10.5-3-2 provides that the board of trustees of the Indiana Public Retirement System is composed of nine trustees nominated by various Indiana state government officials and appointed by the governor. Therefore, it can be presumed that the current Republican vice presidential nominee is a government official for purposes of Rule 206(4)-5.

Which Individuals Are "Covered Associates"

Rule 206(4)-5 defines a "Covered Associate" of an investment adviser as: (i) any general partner, managing member or executive officer, or other individual with a similar status or function; (ii) any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee; and (iii) any PAC controlled by the investment adviser or by any of its Covered Associates. For purposes of this definition, the SEC has stated that whether a person is an executive officer depends on his or her function, not title. For example, an officer who is the chief executive of an advisory firm but whose title does not include "president" is nonetheless an executive officer for purposes of the Rule. This clarification reflects the SEC's goal of tailoring the Rule to apply to those officers of an investment adviser whose position in the organization is more likely to incentivize them to obtain or retain clients for the investment adviser.

Frequently, and especially in larger organizations, employees' roles in a firm evolve and change through promotions and reassignments. As mentioned above, the SEC staff also interprets the term "employee" to include "independent contractors" acting on behalf of an investment adviser. Accordingly, the list setting forth an adviser's "Covered Associates" for purposes of the Rule should be reviewed on a periodic basis in light of the frequency of personnel changes in the adviser's organization.

Donations of Covered Associates' Time

The SEC staff has stated that they would not consider a donation of time by a Covered Associate to be a contribution for purposes of Rule 206(4)-5, provided that (i) the adviser has not solicited the Covered Associate's efforts and (ii) the adviser's resources, such as office space and telephones, are not utilized. A Covered Associate's donation of his or her time generally would not be viewed as a contribution under the Rule if such volunteering were to occur during non-work hours, if the Covered Associate were using vacation time, or if the adviser is not otherwise paying the Covered Associate's salary (e.g., an unpaid leave of absence).

Recordkeeping Requirements

In connection with the adoption of Rule 206(4)-5, the recordkeeping requirements under Advisers Act Rule 204-2 were amended to add specific requirements applicable to registered investment advisers related to political contributions. Specifically, Rule 204-2 requires registered investment advisers to keep records of:

  • The names, titles and business and residence addresses of all Covered Associates of the investment adviser;
  • All government entities to which the investment adviser provides or has provided investment advisory services, or which are or were investors in any private fund to which the investment adviser provides or has provided investment advisory services, as applicable, in the past five years;
  • All direct or indirect contributions made by the investment adviser or any of its Covered Associates to an official of a government entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC; and
  • The name and business address of each registered (i) investment adviser, (ii) broker-dealer, or (iii) municipal advisor subject to rules of the Municipal Securities Rulemaking Board (MSRB) to whom the investment adviser provides or agrees to provide, directly or indirectly, payment to solicit a government entity for investment advisory services on the investment adviser's behalf.

Relief May Be Available under Certain Circumstances

The ban on compensation under Rule 206(4)-5 will not be implicated for political contributions below certain threshold amounts. Specifically, Covered Associates are permitted to contribute up to $350 to a candidate for which they are entitled to vote, and $150 to a candidate for which a Covered Associate was not entitled to vote (i.e., any other candidate). This exemption is available only to Covered Associates that are natural persons. The dollar amount thresholds are applied on a per election basis and, under both exceptions, primary and general elections would be considered separate elections. Under the Rule, each Covered Associate, taken separately, would be subject to the dollar limit exceptions. In other words, the limit applies per Covered Associate and is not an aggregate limit for all of an adviser's Covered Associates.

Where an otherwise disqualifying contribution in excess of $150 to an officeholder or candidate for whom a Covered Associate was not entitled to vote would result in a prohibition on a receipt of fees, Rule 206(4)-5 allows for a "self-help" remedy where such contribution is: (i) discovered within four months of the date of such contribution; (ii) $350 or less; and (iii) returned within 60 calendar days of the date of discovery. An investment adviser availing itself of this option is limited, in any calendar year, to (i) two instances if the adviser has 50 or fewer employees, and (ii) three instances if the adviser has more than 50 employees. In any event, an investment adviser may not rely on the exception more than once with respect to contributions by the same Covered Associate of the investment adviser regardless of the time period.

Private fund advisers should be aware of the potential for Covered Associates to misinterpret the complexities of Rule 206(4)-5 and consider whether all political contributions should be pre-cleared by experienced compliance personnel. Compliance personnel reviewing political contribution requests also should be mindful of the potential for multiple Covered Associates' contributions to appear coordinated for the benefit of a particular state government candidate or officeholder. The SEC has expressly acknowledged the potential for the "bundling" of a large number of small employee "de minimis" contributions to constitute an indirect violation of the Rule.

Finally, where an adviser has a Covered Associate who made a political contribution in excess of the de minimis thresholds and is unable to avail itself of the self-help option, it may apply to the SEC for an order exempting it from the two-year compensation ban. In the adopting release for Rule 206(4)-5, the SEC articulated a number of nonexclusive factors that it would consider in determining whether to grant relief from disqualification. From 2010 through the present, the SEC has considered at least 13 requests for an exemption from the two-year ban on the receipt of compensation from a government entity following a disqualifying contribution. For a variety of reasons, all 13 requests have been granted by the SEC.

Additional Restrictions May Exist at the State, Municipality or Plan Level

Prior pay-to-play incidents and political realities have resulted in a myriad of pay-to-play prohibitions at the state, municipality and plan levels. These prohibitions may be either specific or general in nature and may apply to employees, independent contractors or other individuals or entities, including placement agents, solicitors and other marketers acting on behalf of an investment adviser beyond those defined as Covered Associates under Rule 206(4)-5. While a comprehensive examination of these prohibitions is beyond the scope of this alert, this is a dynamic and ever-changing area of compliance, and investment advisers should be familiar with any relevant provisions applicable to current and prospective state government plan clients.

Impending Effectiveness and Adoption of MSRB and FINRA Pay-to-Play Rules Will Require that Investment Advisers Utilize Only Registered Placement Agents to Solicit Government Entity Clients.

Rule 206(4)-5 makes it unlawful for any investment adviser subject to the Rule or any of the adviser's Covered Associates to provide or agree to provide, directly or indirectly, payment to any third party to solicit government clients for investment advisory services on its behalf, unless such third parties are registered (i) investment advisers, (ii) broker-dealers, or (iii) municipal advisors subject to the rules of the MSRB. However, the SEC also has clarified that it would not recommend enforcement action against an investment adviser or its Covered Associates under Rule 206(4)-5 for payments to unregistered third-party solicitors until FINRA and the MSRB have adopted equivalent pay-to-play rules for broker-dealers and municipal advisors, respectively.

On February 17, 2016, the MSRB announced that previously proposed amendments to MSRB Rule G-37, regarding political contributions and related prohibitions on the municipal securities business, were deemed approved by the SEC on February 13, 2016 under provisions of the Securities Exchange Act of 1934. The amendments were set to take effect yesterday, August 17, 2016, extending the MSRB's municipal securities dealer pay-to-play rule to municipal advisors, including those acting as third-party solicitors.

On March 29, 2016, the SEC issued an Order instituting proceedings to determine whether to approve or disapprove proposed rule changes to adopt FINRA Rules 2030 and 4580, which would establish pay-to-play and related rules. These proposals had been filed previously with the SEC by FINRA on December 16, 2015. Comments on the SEC's March 29, 2016 Order were due on April 25, 2016, with any rebuttal comments due on May 19, 2016.

Accordingly, given that the MSRB pay-to-play rule applicable to municipal advisors became effective on August 17, 2016, and FINRA's pay-to-play rules applicable to broker-dealers are well along the way towards adoption, investment advisers should expect the ban on compensation to third-party unregistered solicitors to government entities to become effective in the near future. Investment advisers should ensure that they obtain appropriate representations and other assurances from registered third-party solicitors, including that they are not be subject to any disqualification under amended MSRB Rule G-37 or the proposed amendments to FINRA Rules 2030 and 4580.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Proskauer - Private Equity Litigation | Attorney Advertising

Written by:

Proskauer - Private Equity Litigation

Proskauer - Private Equity Litigation on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.