Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Extension of Compliance Date

The Securities and Exchange Commission ("Commission' or "SEC') is extending the date by which advisers must comply with the ban on third-party solicitation in rule 206(4)-5 under the Investment Advisers Act of 1940, the "pay to play' rule. The Commission is extending the compliance date in order to ensure an orderly transition for advisers and third-party solicitors as well as to provide additional time for them to adjust compliance policies and procedures after the transition.