The SEC Wednesday proposed a rule that would prohibit investment advisers from providing advisory services to a public pension fund for compensation for two years after they have made campaign contributions to state or local officials who are able to influence the selection of the adviser. The proposed rule 206 (4)-5 is modeled substantially on Rule G-37, which prohibits municipal bond dealers and brokers from engaging in ``pay-to-play with municipal officials. But unlike Rule G-37, the proposed rule would not impose a flat ban on doing business with a government client, but would prohibit receiving compensation from the client for two years. The rule also would apply to unregistered advisers including advisers to hedge funds, venture capital funds and other private investment companies. There will be a 75-day public comment period before the rule is considered for final adoption.