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SEC RIN: 3235-AN65 Publication ID: 2026 
Title: ●Pay-to-Play Reform 
Abstract:

The Division is considering recommending that the Commission propose amendments to rule 206(4)-5 under the Investment Advisers Act of 1940, which prohibits investment adviser pay-to-play practices, to address identified compliance burdens.

 
Agency: Securities and Exchange Commission(SEC)  Priority: Economically Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 14192 Designation: Deregulatory 
CFR Citation: 17 CFR 275.206(4)-5    17 CFR 275.204-2   
Legal Authority: 15 U.S.C. 80b-6(4)    15 U.S.C. 80b-11(a)    15 U.S.C. 80b-4   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/00/2026 
Regulatory Flexibility Analysis Required: YES  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
Sirimal Mukerjee
Division of Investment Management
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-3340
Email: mukerjees@sec.gov