Regulatory Alerts2016-09-28 | 2016-23225Added · Updated
SEC Order on FINRA Rule 2030 and MSRB Rule G-37 Pay-to-Play Restrictions
The Securities and Exchange Commission issued an order finding that FINRA Rule 2030 and MSRB Rule G-37 impose substantially equivalent or more stringent pay-to-play restrictions than the SEC's own rules under the Investment Advisers Act. This determination allows broker-dealers and municipal advisors subject to these FINRA and MSRB rules to qualify as 'regulated persons' for third-party solicitation purposes. The order confirms that these industry rules are consistent with the objectives of the SEC Pay-to-Play Rule, thereby permitting investment advisers to engage these entities for government business solicitations.
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