The SEC’s Division of Investment Management updated its Pay-to-Play guidance called “Staff Responses to Questions About the Pay to Play Rule.”
The purpose of the guidance is to answer questions about Rule 206(4)-5 (the “pay to play rule”) under the Investment Advisers Act of 1940. The staff from time to time updates its responses or adds questions to its guidance. Here, the SEC provides new guidance for capital acquisition brokers or “CABs.”
Click Staff Responses to Questions About the Pay to Play Rule (August 18, 2017) to access the guidance.