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  • First Amendment Sense And Sensibilities: Statement On Proposed Rescission of Pay-To-Play Rule, SEC Commissioner Hester M. Peirce, Sept. 3, 2026

    Date 03/09/2026

    Today, the Commission proposed to rescind Investment Advisers Act rule 206(4)-5, the investment adviser “Pay-to-Play Rule.” I am thrilled that we are proposing to eliminate rather than simply amend the rule, which always has bothered my First Amendment sensibilities.

  • SEC Proposes Rescission Of Political Contribution Rule For Investment Advisers

    Date 03/09/2026

    The Securities and Exchange Commission today issued a proposal to rescind its “pay-to-play” rule that prohibits investment advisers from providing compensated investment advisory services to a government client for two years after making a political contribution to certain elected officials or candidates, and related recordkeeping requirements. All other requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule, would continue to apply.

  • Statement On Proposal To Rescind “Pay-To-Play” Rule, Paul S. Atkins, SEC Chairman, Sept. 3, 2026

    Date 03/09/2026

    Today, by proposing to rescind the “pay-to-play" rule (Rule 206(4)-5 under the Investment Advisers Act of 1940), the Commission is clearly reiterating that the SEC is not the nation’s elections regulator. The “pay-to-play” rule was intended to deter fraud by prohibiting investment advisers from providing compensated investment advisory services to a government client for two years after making a political contribution to certain elected officials or candidates. 

  • Statement On Proposed Rescission Of Rule 206(4)-5 Under The Investment Advisers Act, SEC Commissioner Mark T. Uyeda, Sept. 3, 2026

    Date 03/09/2026

    Sixteen years ago, the Commission adopted Rule 206(4)-5 under the Investment Advisers Act (“Advisers Act”). Its adoption was hailed as “significantly curtail[ing] the corrupting influence of ‘pay to play.’” The selection of an investment manager in a quid pro quo arrangement for political contributions can distort municipal investment priorities and mean that public pension plans and their beneficiaries receive sub-par advisory performance at a premium price. It is one of the reasons that the Advisers Act has long prohibited such arrangements prior to the adoption of the rule.

  • Cboe Global Markets Reports Trading Volume For August 2026

    Date 03/09/2026

    Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported August trading volume statistics across its global business lines.