SEC Signals 2026 Pay-to-Play Rule Rewrite as Wall Street Pushes to Scrap 2010 Limits
Updated
Updated · POLITICO · Jul 8
SEC Signals 2026 Pay-to-Play Rule Rewrite as Wall Street Pushes to Scrap 2010 Limits
3 articles · Updated · POLITICO · Jul 8
Summary
The SEC added pay-to-play reform to its 2026 Regulatory Flexibility agenda, signaling it may propose changes to the rule governing political donations by investment advisers.
The Division of Investment Management said it is considering amendments to address compliance burdens, though it gave no details on how far any rewrite would go.
Wall Street advisers and trade groups want the rule substantially weakened or eliminated, arguing the 2010 restrictions curb political giving, complicate hiring screens and can limit job mobility.
Paul Atkins recently called the rule a “trap for the unwary,” boosting industry hopes, while ethics advocates warn a rollback could revive state and local corruption in pension and investment mandates.