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
The Supreme Court Strikes Down Restrictions on Repayment of Candidate Loans. What Next?
As we previewed in the fall, the Supreme Court today struck down the longstanding statutory prohibition on the use of funds raised after Election Day to repay a candidate loan in Federal Election Commission v. Cruz. Although the outcome of the case—which was brought by Senator Ted Cruz (R-TX) following his re-election in 2018—was