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The Daily Startup: SEC ‘Pay to Play’ Penalty for TL Ventures Could Be First of Many in VC

June 23, 2014, The Wall Street Journal

Robert Kelner is quoted regarding the Securities and Exchange Commission charging TL Ventures for violating three-year-old “pay-to-play” rules related to political contributions.

"Robert Kelner of law firm Covington & Burling said more firms could attract the scrutiny of the SEC. “Given the complexity of the rule, and the number of small- to mid-sized firms, it’s likely that there are quite a few foot faults out there,” he said. “Not everyone is attentive enough to this.”'

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