A Practice Note discussing Rule 206(4)-5 under the Investment Advisers Act of 1940, which generally prohibits investment advisers registered with the Securities and Exchange Commission (SEC) from receiving compensation for providing investment advisory services to a government entity within two years after the investment adviser or its covered associates have contributed to an official of the entity. Rule 206(4)-5, also known as the pay to play rule, additionally restricts the solicitation of government authorities for investment advisory services on their behalf.