As to the SEC's pay-to-play
rule, which restricts advisors' and their employees' ability to make political contributions to government officials to influence the selection of advisors to public pension funds and other government entities, 32% of the firms polled reported having adopted a stand-alone pay-to-play
policy, while 38% reported that they have addressed pay-to-play
as part of other compliance policies.
But several of the biggest proposed changes, an outright ban on campaign donations and solicitation by lobbyists and a prohibition on donations from state contractors, a so-called pay-to-play
ban already adopted in seven other states, was set aside by House leaders.
"I urge your office to conduct an investigation into all matters related to any pay-to-play
activities of the State Investment Council."
"Because the SEC says it won't be enforcing the ban on advisors' use of third parties to solicit business from government entities" until the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking Board "finalize their pay-to-play
rules governing the third-party solicitors and those rules become effective."
Applying the pay-to-play
rule "is extremely difficult because you have these very broad definitions that are sweeping and vague in their application," says Michael Koffler, a partner in the financial services practice at the law firm Sutherland.
First, we must institute criminal penalties for public officials who know about, but fail to report, pay-to-play
Two SEC spokespeople, Ryan White and Judith Burns, declined to answer questions from International Business Times and MapLight about the pay-to-play
rule carveout for federal agencies.
While the federal pay-to-play
rules aim to restrict Wall Street donations directly to public officials and political parties, they do not explicitly bar such donations to groups that support a lawmaker's favored cause - or that promote a public official in paid ads.
"These practices, known as 'pay-to-play
,' also distort the process by which professionals are selected and may result in pension funds receiving inferior services and paying higher fees, thereby harming retirees and the taxpaying residents of the states."
The (http://www.post-gazette.com/stories/news/education/gateway-budget-raises-taxes-cuts-teachers-athletic-job-642214/) Pittsburgh Post-Gazette reported this summer that the Gateway school board took the full-time athletic director to part-time and changed middle school sports to a pay-to-play
<h1>Calpers probes fees paid in pay-to-play