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Bill > H1677


MA H1677

Relative to prohibiting pay-to-play schemes


summary

Introduced
01/23/2017
In Committee
01/23/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

Relative to political contributions by investment advisors doing business with public entities. State Administration and Regulatory Oversight.

AI Summary

This bill prohibits "pay-to-play" schemes, where investment advisors make campaign contributions to government officials in order to secure investment advisory contracts. The key provisions include: 1. It is unlawful for an investment advisor, their partners, executive officers, or solicitors to make contributions to officials of a government entity that the advisor is providing or seeking to provide services to, within two years of the contribution. 2. It is unlawful for an investment advisor or their affiliates to solicit or coordinate contributions to officials of a government entity they are working with or seeking to work with. 3. It is unlawful for a government official to solicit or accept campaign contributions from an investment advisor and then award that advisor a contract. The bill provides some exceptions and allows the Office of Campaign and Political Finance to grant exemptions in certain cases. Violations are subject to fines and imprisonment.

Committee Categories

Government Affairs

Sponsors (12)

Last Action

Accompanied a study order, see H4481 (on 05/10/2018)

bill text


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