Please join us for a webinar on January 16, 2014, at 1:00pm EST, which will provide a tune-up on government affairs compliance and examine recent trends. We will cover all the major topics you need to be thinking about as you ramp up for lobbying the new Congress and state legislatures and prepare for the
Procedural Complications Stall Decision by D.C. Circuit on Federal Government Contractor Contribution Ban
A final ruling on the constitutionality of the long-standing ban on contributions by federal government contractors met a significant setback last week when the D.C. Circuit remanded the case to the trial court. In an opinion issued on May 31, 2013, about two weeks after oral arguments, a three judge panel of the D.C. Circuit
Two Organizations in One? Candidate Using Assets from Prior State Race to Support Run for U.S. Senate Can Avoid Issues Through Arms-Length Arrangements
Sitting state office holders often run for federal office. As a recent decision from the FEC reminds us, it is important that resources from the state campaign not be used in the federal campaign, unless the federal campaign pays fair-market-value for those resources. Indeed, this same principle applies when other types of related organizations seek
Pay-to-Play: NJ Indictments Offer a Reminder on Compliance
When we talk about pay-to-play, we often think about making sure that executives do not make inadvertent contributions that run afoul of a state’s pay-to-play rules and make the company ineligible for contracts. We might also think about tracking contributions from certain employees so that pay-to-play certifications are truthful and accurate. But a recent criminal
CFTC Clarifies Pay-to-Play Rules for Swap Dealers
Last week the Commodity Futures Trading Commission (“CFTC”) issued a No-Action Letter that helps harmonize the CFTC’s pay-to-play rules for swap dealers (Regulation 23.451) with both the SEC and Municipal Securities Rulemaking Board (“MSRB”) pay-to-play regulations. The Letter also provided guidance regarding the two-year “look back” period, during which time swap dealers may be prohibited
Government Contractors Face Growing Risks from Laws Regulating Political Contributions
The landmark Supreme Court ruling in the Citizens United case paved the way for explosive growth in political spending during the 2012 election cycle. However, for government contractors and their principals, a growing number of “pay-to-play” laws restrict political contributions and fundraising, and can result in severe penalties, including the loss of contracts. Venable has
Major Wall Street Firm Pays Nearly $12 Million to Settle Pay-to-Play Violations
Prominent Wall Street firm Goldman Sachs will pay almost $12 million to settle charges that one of its investment bankers made undisclosed campaign contributions to a state official responsible for awarding government contracts.
The case is the first SEC action for pay-to-play violations based on “in-kind” – meaning, non-cash – contributions to a political campaign.
SEC Issues National Examination Risk Alert on MSRB “Pay-to-Play” Rules
Last week the SEC’s Office of Compliance Inspections and Examinations issued a National Examination Risk Alert for brokers, dealers and municipal securities dealers regarding compliance with Municipal Securities Rulemaking Board (MSRB) Rule G-37. The Risk Alert noted that recent SEC examiners have observed practices that raise concerns whether firms are adequately complying with all of
SEC Extends Compliance Date for Ban on Use of Third Party Marketers
Last week the Securities and Exchange Commission issued a Final Rule extending the date by which investment advisers are required to comply with the ban on the use of third-party marketers under Rule 206(4)-5 (the Federal Pay-to-Play Rule”). This ban had been set to go into effect this Wednesday, June 13.
The ban will now