Pay-To-Play Seen in SEC IA Exams

Hume, Lynn
January 2005
Bond Buyer;1/11/2005, Vol. 351 Issue 32047, p1
Trade Publication
The article focuses on the Securities and Exchange Commission's examinations of registered investment advisers located across the U.S. It informs that some of the firms appear to be giving gifts and making political contributions to state and local governmental advisory clients or the clients' consultants in order to get pension and other investment business, sources said. The examinations were begun last year and are still in the process of being completed. While most of the findings thus far involve pension plans--which affect the finances of state and local governments and sometimes the creditworthiness of the bonds they issue in the municipal market--the findings ultimately may touch on investment products in the bond area.


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