It is now prohibited for the New York State Common Retirement Fund (CRF) to enter into business with investment advisors who have made political contributions to the state’s comptroller or a candidate for state comptroller.

New York State Comptroller Thomas DiNapoli banned this practice, known as pay-to-play, in an executive order issued yesterday. Similarly, the Securities and Exchange Commission recently issued a proposal to ban the use of third-party placement agents by investment advisors.

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