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By Richard Ellenbogen
The Securities and Exchange Commission has proposed Rule 206(4)-5 (SEC Rel. No. IA-2910 (8/3/09)) under the Investment Advisers Act of 1940, as amended, designed to prevent "pay to play" practices by registered and non-registered investment advisers compensating placement agents, finders and other intermediaries for procuring investment advisory business from government pension plans.
By Michael Szlamkowicz, Alex Radetsky
Letters of intent or memoranda of understanding are frequently used in private equity transactions to evidence the preliminary understanding of a potential transaction before the parties commit significant time and resources to the transaction.