With Seth Davis, David Sandler, Barbara Stettner
On June 30, 2010, the Securities and Exchange Commission ("SEC") adopted its new "pay-to-play" rule ("the Rule") prohibiting investment advisers from receiving compensation for providing advisory services to state and local government clients within two years after a contribution to certain government officials is made by the adviser, key executives and employees of the adviser ("covered employees"), or any political action committee ("PAC") controlled by the adviser or its covered employees ("c