Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Notice of Order With Respect to FINRA Rule 2030

The Securities and Exchange Commission ("Commission' or "SEC') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the "Advisers Act') and rule 206(4)- 5 thereunder (the "SEC Pay to Play Rule') finding that Financial Industry Regulatory Authority ("FINRA') rule 2030 (the "FINRA Pay to Play Rule'), which was approved by the Commission on August 25, 2016, imposes substantially equivalent or more stringent restrictions on brokers-dealers than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule.