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Article
SEC Proposes Rescission Of Investment Adviser Pay-to-Play Rule
The SEC has proposed rescinding Rule 206(4)-5 under the Investment Advisers Act, which currently prohibits certain political contributions and restricts the use of placement agents for soliciting government investors. The proposal addresses concerns about the rule's strict-liability standard, overbroad definitions, and disproportionate penalties for inadvertent violations, while raising questions about whether existing safeguards and state laws provide sufficient protection against pay-to-play practices.
United States Finance
SA
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
Article
SEC Proposes Rescission Of The Pay-to-Play Rule
The U.S. Securities and Exchange Commission (the “SEC” or “Commission”) has proposed to rescind Rule 206(4)-5 under the Investment Advisers Act of 1940[1] (the “Advisers Act”), commonly known as the “Pay-to-Play Rule”.[2] Issued on September 3, 2026, the proposal (the “Proposal”) follows years of industry advocacy and statements from Commissioners critical of the rule; notably, in the months leading up to the Proposal, Chairman Atkins characterized the rule as “a trap for the unwary.”
United States Commercial
ST
Simpson Thacher & Bartlett
Article
Key Valuation Issues Impacting Bank Purchase Price Allocations In A Rising Interest Rate Environment
Explore critical insights on post-acute care integration, bank valuation challenges in rising rate environments, AI security vulnerabilities, trade secret protection gaps, and retail pricing algorithms. Discover how operational readiness, regulatory compliance, and emerging technologies are reshaping healthcare, finance, cybersecurity, and commerce.
United States Commercial
AC
Ankura Consulting Group LLC
Article
SEC Proposes To Eliminate Pay-to-Play Rule For Investment Advisers
The U.S. Securities and Exchange Commission has proposed rescinding its pay-to-play rule for investment advisers, citing significant unintended consequences that have effectively restricted political contributions by advisers and their employees. The proposal would eliminate the two-year prohibition on providing compensated advisory services to government clients following certain political contributions, relying instead on existing fraud prohibitions and fiduciary duty requirements. Comments on this propos
United States Finance
WR
Wiley Rein
Article
Enhanced FDA-SEC Collaboration: How Life Sciences Companies Think About Disclosure, Insider Trading, And Prediction Markets
On August 31, 2026, the U.S. Securities and Exchange Commission (SEC) and Food and Drug Administration (FDA) signed a Memorandum of Understanding (the “MOU”)[1] to “establish a framework to support the parties’ respective regulatory and enforcement responsibilities and otherwise enhance cooperation.”
United States Commercial
SM
Sheppard, Mullin, Richter & Hampton LLP
Article
A Direct Line Between Regulators: What The New SEC-FDA Information-Sharing MOU Means For Life Sciences Companies
The SEC and FDA have formalized their information-sharing practices through a new memorandum of understanding that streamlines how the agencies exchange nonpublic information about FDA-regulated products and companies. This framework has significant implications for life sciences companies, particularly regarding how public statements about FDA interactions may be scrutinized against the complete regulatory record, and raises important questions about access to FDA materials during SEC enforcement proceedin
United States Commercial
GP
Goodwin Procter LLP
Article
SEC Proposes To Rescind Advisers Act Pay-to-Play Rule (But Don’t Delete Your Policies Yet)
The Securities and Exchange Commission has proposed rescinding the Investment Advisers Act's Pay-to-Play Rule in its entirety, potentially eliminating strict prohibitions on political contributions by investment advisers serving state and local government entities. While this would provide significant relief from the rule's rigid framework and severe penalties for minor violations, advisers must understand that pay-to-play compliance obligations would persist through other federal regulations, state laws....
United States Finance
PR
Proskauer Rose LLP
Article
Financial Markets And Funds Quick Take | Issue 53
Katten's Financial Markets and Funds Quick Take provides a comprehensive monthly overview of significant regulatory developments, policy changes, and legal updates affecting financial markets, funds, and digital assets. This edition examines groundbreaking SEC-NFA coordination, the SEC's proposed crypto framework, IRS regulatory fixes for life insurance exchanges, and major UK and EU transaction reporting overhauls.
United States Finance
KM
Katten Muchin Rosenman LLP
Article
SEC And FDA Enter Into Memorandum Of Understanding To Enhance Interagency Cooperation
The Securities and Exchange Commission and Food and Drug Administration have established a formal framework for sharing information about FDA-regulated products and public company disclosures. This memorandum of understanding creates new pathways for the agencies to exchange both public and confidential information, potentially affecting how regulatory compliance and securities disclosures are monitored. Public companies in FDA-regulated industries now face heightened scrutiny as discrepancies between their
United States Commercial
MB
Mayer Brown
Article
First Circuit Affirms Dismissal Of Putative Class Action Against Pharmaceutical Company
The First Circuit Court of Appeals recently affirmed the dismissal of a securities fraud class action against a biopharmaceutical company, ruling that literally true statements about clinical trial results were not actionable half-truths under securities law. The decision centered on whether the company's statements about the absence of retinal vasculitis cases in drug trials were misleading, despite following FDA-approved protocols that plaintiffs argued were insufficient to detect the condition.
United States Litigation
AO
A&O Shearman
Article
Western District Of Michigan Grants Motion To Dismiss Securities Class Action Against Food Safety Company
A federal district court dismissed a securities fraud class action against a food safety company and its executives, finding that challenged statements about post-acquisition integration progress were either not materially false, constituted protected forward-looking statements or puffery, or lacked sufficient allegations of scienter. The court's analysis examined statements across three integration areas—CRM systems, ERP implementation, and manufacturing—and determined that repeated public disc
United States Commercial
AO
A&O Shearman
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