Bill > H678

This bill prohibits "pay-to-play" schemes, which are situations where investment advisors make political contributions to government officials in order to influence the selection of investment advisors for government entities. The key provisions of the bill are: 1. It prohibits investment advisors from providing investment advisory services to a government entity for two years after the investment advisor, its partners, executive officers, or solicitors make a political contribution to an official of that government entity. 2. It prohibits investment advisors from soliciting or coordinating political contributions to government officials they are providing or seeking to provide investment advisory services to. 3. It prohibits government officials from soliciting or accepting campaign contributions from investment advisors and then awarding contracts for investment advisory services to that same advisor. The bill provides some exceptions, such as allowing small personal contributions from partners, executive officers, or solicitors to officials they are entitled to vote for. It also allows the Office of Campaign and Political Finance to grant exemptions to the prohibition in certain circumstances.

Government Affairs

https://malegislature.gov/Bills/191/H678