Proposed Rescission of the SEC Pay-to-Play Rule: Analysis and Commenting Opportunities Registration

On September 10, 2026, the SEC published in the Federal Register a proposed rescission of Rule 206(4)-5 — the “pay-to-play” rule — along with related record-keeping requirements, officially opening a public comment period that runs through November 9. If adopted, the rescission would mark a sweeping change for investment advisers and the broader financial services industry.

We will examine the key implications of the proposal and the path ahead.

Topics will include:

– Critical issues raised by the SEC's Notice of Proposed Rulemaking.

– Areas in which the SEC is specifically seeking public comment.

– The future of other federal pay-to-play rules and the evolving regulatory landscape.

This webinar will be of particular interest to investment advisers, broker-dealers, municipal advisors, swap dealers and security-based swap dealers.