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News September 23, 2019 Issue

Association Wants Pay-to-Play Rule Tailored for Small Advisers, Less Complex

The SEC is considering revising Rule 206(4)-5, the Pay-to-Play Rule, in the near future and the Investment Adviser Association is ready with suggestions. In a recent comment letter to the agency, the IAA urged the Commission to consider a number of steps, including changing the definition of what constitutes a small business or organization, tailoring the Rule for small advisers, and making it less complex.

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