SEC Commissioner Peirce Issues Statement on Proposed Rescission of Pay-to-Play Rule
September 04, 2026
September 04, 2026
WASHINGTON, Sept. 4 -- The Securities and Exchange Commission issued the following statement on Sept. 3, 2026, by Commissioner Hester M. Peirce:
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First Amendment Sense and Sensibilities: Statement on Proposed Rescission of Pay-to-Play Rule
Today, the Commission proposed to rescind Investment Advisers Act rule 206(4)-5, the investment adviser "Pay-to-Play Rule." I am thrilled that we are proposing to eliminate rather than simply amend the rule . . .
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First Amendment Sense and Sensibilities: Statement on Proposed Rescission of Pay-to-Play Rule
Today, the Commission proposed to rescind Investment Advisers Act rule 206(4)-5, the investment adviser "Pay-to-Play Rule." I am thrilled that we are proposing to eliminate rather than simply amend the rule . . .