Still going through the Securities and Exchange Commission’s new pay to play rules? A few random points. On the rules’ notion of what constitutes a “solicitation,” the rules adopt a broad facts and circumstances test. Footnote 328 discusses the definition and cites a Caplin & Drysdale comment letter. On bundling, the rules don’t define the term. The rules put the idea in terms of “coordinat[ing]” certain contributions or payments.
On both of these general issues in the context of campaign of finance law, the Federal Election Commission has some recent rulemakings.