WASHINGTON — Investment advisers may face tough compliance issues in the wake of the Securities and Exchange Commission's unanimous adoption last week of rules designed to prevent IAs from making political contributions to elected officials to obtain business from state and local pension funds, investment pools and college-savings accounts.

Under the new IA rules, which are modeled on the Municipal Securities Rulemaking Board's Rule G-37 for broker-dealers, an investment adviser would be barred for two years from receiving compensation for providing advisory services to a state or local government if it or certain of its executives or employees makes significant political contributions to elected officials in a position to influence the selection of advisers.

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