U.S. appeals court throws out Republican challenge to SEC pay-to-play rule

WASHINGTON, Aug 25 (Reuters) - A U.S. appeals court handed the Securities and Exchange Commission a victory on Tuesday by dismissing a challenge by two state Republican parties to the regulator’s pay-to-play rule for investment advisers.

New York and Tennessee Republicans said the rule, which places some restrictions on asset managers who donate to political campaigns, was a violation of free speech rights.

The U.S. Court of Appeals for the District of Columbia Circuit, however, ruled that the Republicans missed a key 60-day deadline to challenge the rule after it went into effect and therefore lost their chance to have it overturned. (Reporting by Sarah N. Lynch; Editing by Emily Stephenson)