Commenters to SEC: We Don't Like Your Stinkin' Rules
We're just three days into the 60-day comment period on the SEC's proposed rules for placement agents, and market pros have already begun voicing their disapproval. The SEC website shows five comments submitted on Monday and Tuesday, with four of them objecting to the proposal's ban on investment advisors (PE funds, VC funds, hedge funds, etc.) using placement agents when trying to solicit fund capital from public pension systems. The fifth letter is an objection to the proposed ban on political contributions from investment advisors to pension-connected officials, which the writer claims is a violation of free speech rights (this argument won't fly -- nor should it -- since SEC already regulates political contributions in other areas). Read sampling of what's been submitted after the jump...
