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CALIFORNIA CORPORATE & SECURITIES LAW

Does A Political Yard Sign Really Violate The Investment Advisers Act?

“Congress shall make no law . . . abridging the freedom of speech . . . .” Doug Cornelius recently published this post reporting that the SEC staff is taking the position that the pay-to-play rule, Rule 206(4)-5, applies to political yard signs.  [After publishing this post, Doug Cornelius published this clarification.]  The SEC adopted the…

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