Investment Counsel Association of America, in a report issued today, calls for the SEC to require money managers advising public pension funds to adopt policies and procedures that prevent pay to play abuses.
The Washington-based ICAA asked the SEC to adopt this approach instead of its current proposal. It also is asking the SEC to require all federally registered investment advisers to adopt a code of ethics.
ICAA guidelines recommend that advisers adopt a broad ban on making political contributions for the purpose of obtaining or retaining contracts with public pension funds.
Our report is intended to encourage the adoption of meaningful and appropriate pay-to-play policies and procedures by investment advisers and to assist the SEC as it considers issuing a final rule in this area, said David Tittsworth, ICAA executive director.