Law360: Pay-To-Play Rules are Here to Stay

Articles / Publications

In an article published by Law360 on July 25, 2017, Tom Potter offers insight to the Sixth Circuit decision to reject the latest constitutional challenge of the U.S. Securities and Exchange Commission to expand the reach of rules aimed at preventing pay-to-play practices by municipal securities dealers to include investment advisers, municipal advisers and broker-dealers. Potter wrote, "Instead of clear discussion of how best to balance concerns of undue influence in public hiring against constitutionally protected political speech, the issue was delegated by Congress to the administrative stateā€¦; was buried in two layers of notice-and-comment rulemaking before the agencies advocating the restriction in the first place; and escaped judicial review with respect to the newer rules on non-substantive grounds." He emphasizes, "The new suite of pay-to-play rules are here to stay - at least until a court reviews an SEC action upholding their enforcement against an investment professional who has raised and preserved the constitutional arguments against them."

For the full article, subscribers to Law360 may click here.

Burr
Jump to Page

Contact Us

About Burr & Forman Cybersecurity & Data Privacy Law

Burr & Forman's experienced team helps clients navigate the complex cybersecurity and data privacy landscape with strategies designed to assess current risks, develop a corrective action plan, implement best practices, and provide immediate and appropriate responses to a cybersecurity breach.

We use cookies to improve your website experience, provide additional security, and remember you when you return to the website. This website does not respond to "Do Not Track" signals. By clicking "Accept," you agree to our use of cookies. To learn more about how we use cookies, please see our Privacy Policy.

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. These cookies may only be disabled by changing your browser settings, but this may affect how the website functions.


Analytical Cookies

Analytical cookies help us improve our website by collecting and reporting information on its usage. We access and process information from these cookies at an aggregate level.