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Mathias Heller is an associate in the firm’s Washington, DC office. He is a member of the Election and Political Law Practice Group and the Antitrust/Competition Practice Group.

The U.S. Securities and Exchange Commission (“SEC”) last week announced settlements with four investment advisory firms regarding alleged violations of the SEC’s pay-to-play rule, illustrating that federal regulators continue to aggressively pursue such cases.   The rule at issue, Rule 206(4)-5 (“the Rule”), prohibits investment advisers from, among other things, receiving compensation from certain government entities