A federal judge in Washington late on Tuesday dismissed a challenge by two state Republican parties of a U.S. Securities and Exchange Commission rule that imposes restrictions on asset managers who donate to political campaigns, handing the regulator a victory. U.S. District Judge Beryl Howell said the court lacked jurisdiction to review the New York and Tennessee Republican parties' challenge to the SEC's "pay-to-play" rule, and that only the U.S. appeals court had authority to hear the case. An attorney for the two political parties, Jason Torchinsky, said: “The decision is long, and just came out. We are reviewing the decision and will be discussing the next steps with our clients." An SEC spokesman declined to comment. The SEC's pay-to-play rule was adopted in 2010, and intends to prevent a quid pro quo between elected officials and investment advisers who are seeking to win business to manage public assets, such as pension plans. It prohibits advisers from receiving compensation
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