US Investment Advisers Act of 1940 and SEC Adviser Rules (17 CFR Part 275) 206-4-5-pay-to-play: No compensation from a government client for two years after a contribution to a covered official, no soliciting contributions, no paid third-party solicitation except through regulated persons

Rule 206(4)-5 bars a registered or exempt-reporting adviser (and advisers to certain pooled vehicles) from being paid for advising a government entity for two years after the adviser or a covered associate makes a contribution to an official who can influence the hiring, above de minimis amounts per election for officials the contributor can vote for and a lower amount otherwise. It also bars coordinating or soliciting contributions or payments to political parties where the adviser is seeking business, bars indirect contributions, and bars paying any third party to solicit a government entity unless the solicitor is a regulated person (a registered adviser, broker-dealer or municipal advisor subject to equivalent restrictions). Records of covered associates, government clients and contributions are required under rule 204-2.