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The SEC has voted unanimously to propose measures intended to curtail “pay to play” practices by investment advisers that seek to manage money for state and local governments.

The SEC has proposed barring an investment adviser who has made a political contribution to an elected official for two years from providing advisory services for compensation. The proposed rule also would prohibit an adviser from coordinating or asking another person or political action committee to make a contribution to an elected official who can influence the selection of the adviser.

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