A number of state and federal laws and rules are implicated when an investment adviser or one of its employees makes a political contribution to a candidate or government official who may have influence over the decision to award government investment advisory business to the adviser.  The most widely-known of those rules is SEC Rule 206(4)-5, commonly known as the “pay to play” rule.  A recent PracticeEdge session presented by the Regulatory Compliance Association (RCA) provided an overview of four areas where pay to play concerns arise.  This article describes those four areas of concern.  See also “How Can Hedge Fund Managers Participate in the Political Process without Violating Pay to Play Regulations at the Federal, State, Municipal or Fund Level?,” Hedge Fund Law Report, Vol. 4, No. 35 (Oct. 6, 2011).  Cf. “How Much Are In-House Hedge Fund Marketers Paid, and How Will Recent Developments in New York City and California Lobbying Laws Impact the Compensation Levels and Structures of In-House Hedge Fund Marketers (Part Three of Three),” Hedge Fund Law Report, Vol. 4, No. 20 (Jun. 17, 2011).  In April of this year, the RCA will be hosting its Regulation, Operations and Compliance (ROC) Symposium in Bermuda.  For more on ROC Bermuda 2015, click here; to register for it, click here.