Law360, New York ( August 27, 2015, 12:00 PM EDT) -- On Aug. 25, 2015, the U.S. Court of Appeals for the District of Columbia Circuit affirmed the dismissal of the New York and Tennessee Republican parties' lawsuit against the U.S. Securities and Exchange Commission that sought to invalidate Rule 206(4)-5, known as the pay-to-play rule.[1] This rule prohibits investment advisers that make certain contributions to political campaigns of officials with authority over public pension funds from receiving compensation for advisory services to those funds for two years. The petitioners asserted that the pay-to-play rule unconstitutionally infringed upon the political process and investment advisers' First Amendment rights....