The D.C. Circuit has upheld an anti-”pay-to-play” rule that bars brokers from soliciting government contracts for two years after making campaign donations to public officials.

The U.S. Court of Appeals for the District of Columbia Circuit said Tuesday that the U.S. Securities and Exchange Commission had acted within its authority in crafting the 2016 rule, which imposed a “two-year time-out” on members of the Financial Industry Regulation Authority who donate to a political campaign.