Compliance Date For Placement Agent Prohibition in Pay-to-Play Rule Delayed Again
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Key takeaways:
- The SEC has delayed the compliance date for the provision of Rule 206(4)-5 under the Investment Advisers Act of 1940 (the "Pay-to-Play Rule") relating to the use of placement agents and solicitors from June 13, 2012 until April 2013 at the earliest.
- The new compliance date will be nine months after the compliance date set by the SEC in its final rule for the registration of municipal advisors.