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Securities and Exchange Commission (SEC) Advertising Compliance

SEC Compliance Consultants, Inc. (SEC³)

Nine Advisers Face $1.24 Million Fallout from SEC’s Marketing Rule Sweep

September 30 is the SEC’s fiscal year-end, so it's no surprise to see an uptick in enforcement cases this month. The latest slew of settlements involved violations of the Marketing Rule (Advisers Act Rule 204(4)-1) for...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

ArentFox Schiff

New SEC Guidance on Marketing Rule: Ensuring Compliance in Advertisement and Marketing Material for Investment Advisors 2024

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The US Securities and Exchange Commission (SEC) recently released two new sources of guidance for the Marketing Rule. On February 26, the SEC Division of Investment Management released an FAQ clarifying how to include gross...more

SEC Compliance Consultants, Inc. (SEC³)

SEC Tells Advisers What Not to Do in Advertisements

SEC’s Division of Examinations (“EXAMS”) issued a risk alert on its Initial Observations Regarding Advisers Act Marketing Rule Compliance (the “Risk Alert”), giving compliance officers an unexpected gift by sharing examples...more

Royer Cooper Cohen Braunfeld LLC

The New Marketing Rule: Notes from the Field

On April 17th, the SEC issued a Risk Alert titled “Initial Observations Regarding Advisers Act Marketing Rule Compliance.” Perusing the list of failures, a sense of familiarity arose, given that one of our clients had been...more

Lowenstein Sandler LLP

SEC Finds Advisers' Compliance with Marketing Rule Still Lacking Despite Examination and Enforcement Focus

Rule 206(4)-1, as amended (the Marketing Rule), continues to be an area of focus for the U.S. Securities and Exchange Commission (SEC). On April 17, 2024, the SEC Division of Examinations (Division) published a risk alert...more

BCLP

SEC Risk Alert on Compliance with the Marketing Rule-Examination Observations

BCLP on

On April 17, 2024, the Division of Examinations (the “Division”) of the Securities and Exchange Commission (the “SEC”) published a Risk Alert entitled: “Initial Observations Regarding Advisers Act Marketing Rule Compliance”...more

Oberheiden P.C.

Promoters, Endorsers, and Brokers: Understanding the Rules on Securities and Cryptocurrency Investment Advertising

Oberheiden P.C. on

Promoting securities, cryptocurrency, and other investment opportunities is fraught with legal risks. Individuals who engage in promotional activities must ensure that they have a clear understanding of the federal laws and...more

BCLP

SEC Enforcement Sweep Regarding Hypothetical Performance

BCLP on

On September 11, 2023 the U.S. Securities and Exchange Commission (the “SEC”) announced charges against nine registered investment advisers for advertising hypothetical performance to the general public on their websites...more

Foley & Lardner LLP

The SEC Renews its Emphasis on Compliance with the New Marketing Rule

Foley & Lardner LLP on

On June 8, 2023, the Securities and Exchange Commission’s (“SEC”) Division of Examinations (“Division”) released a risk alert (the “Risk Alert”) outlining the SEC’s broadened examination priorities with respect to revised...more

Proskauer - The Capital Commitment

Complying with the New SEC Marketing Rule: Seven Months in and Still Adapting

On November 4, 2022, compliance with amended Rule 206(4)-1 (the “Marketing Rule”) became mandatory for all investment advisers registered with the Securities and Exchange Commission (the “SEC”). Seven months since the...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Risk Alert Describes Examination Areas for Newly Registered Advisers

On March 27, 2023, the Securities and Exchange Commission’s (SEC’s) Division of Examinations issued a Risk Alert setting forth typical focus areas reviewed by the staff during its examinations of newly registered advisers....more

Stark & Stark

Use of Testimonials Under the New SEC Marketing Rule for Investment Advisors

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​​​​​​​The SEC’s new Marketing Rule compliance date was November 4, 2022. As part of the Marketing Rule, the SEC expanded advisers’ ability to use client testimonials in marketing materials. ...more

Eversheds Sutherland (US) LLP

SEC adopts significant changes to shareholder reports for N-1A filers and amendments to investment company advertising rules

On October 26, 2022, the Securities and Exchange Commission (SEC) adopted final rule and form amendments (Final Rule) that significantly alter the form and content of annual and semi-annual shareholder reports provided by...more

BakerHostetler

Top Ten List for Complying with the SEC's New Investment Adviser Marketing Rule

BakerHostetler on

The Marketing Rule seeks to address evolving changes in advertising and referral practices in the industry – particularly with respect to the use of the Internet, mobile applications, and social media – by providing an...more

Dechert LLP

Advisers Act Marketing Rule Compliance Deadline Fast Approaching: Key Preparations and Considerations for Compliance

Dechert LLP on

The November 4, 2022, deadline for advisers to implement amended Rule 206(4)-1 (Marketing Rule) and related rules under the Investment Advisers Act of 1940 is fast approaching. Advisers required to comply with the rule are...more

Proskauer Rose LLP

Q&A: The Bottom Line of Complying with the SEC’s New Marketing Rule

Proskauer Rose LLP on

In the late fall of 2020, the SEC implemented rule amendments which created a single rule, the Marketing Rule, that replaces the current Advertising and Cash Solicitation Rules. The Marketing Rule represents both significant...more

Seward & Kissel LLP

New Marketing Rule: One Month Away from the Compliance Date

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On December 20, 2020, the Securities and Exchange Commission (the “SEC”) adopted reforms under the Investment Advisers Act of 1940, which modernized rules that govern investment adviser advertising and payments to solicitors....more

Goodwin

Practical Guide to the Application of the Marketing Rule to Private Fund Placement Agents

Goodwin on

This article focuses on how the new Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) affects the relationships between investment advisers registered with the U.S. Securities...more

Foley Hoag LLP

Marketing Rule's Transition Period Set to Expire; SEC Enforcement to Follow

Foley Hoag LLP on

On December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced that it was adopting amendments under the Advisers Act of 1940 (the “Advisers Act”) to implement a revised Rule 206(4)-1 (the “Marketing...more

Paul Hastings LLP

SEC Publishes Risk Alert Highlighting Focus on New Marketing Rule

Paul Hastings LLP on

On September 19, 2022, the Securities and Exchange Commission’s Division of Examinations (the “SEC”) published a Risk Alert announcing its intent to conduct examinations focused on compliance with Rule 206(4)-1 (the...more

Morrison & Foerster LLP

Marketing Rule Implementation – Are You Ready for November 4th?

The compliance date for the SEC’s new investment adviser Marketing Rule is November 4, 2022, allowing just over a month for an investment adviser to finalize its implementation process to comply with the Rule, which applies...more

Proskauer Rose LLP

SEC Issues Risk Alert Announcing Exams Focused on New Marketing Rule

Proskauer Rose LLP on

On Monday, September 19, 2022, the SEC’s Division of Examinations issued a Risk Alert announcing their intent to conduct targeted reviews of registered investment advisers regarding compliance with amended Advisers Act Rule...more

Dorsey & Whitney LLP

The New Adviser Marketing Rule: Division of Examinations Alert

Dorsey & Whitney LLP on

​​​​​​​The Division of Examinations issued a Risk Alert on September 19, 2022 focused on Advisers Act Rule 206(4)-1, the Advertising Rule, adopted on December 22, 2020. The Rule becomes effective on November 4, 2022....more

King & Spalding

SEC Investment Adviser Marketing Rule: Compliance Date is Nov. 4, 2022

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In late 2020, the SEC adopted1 rule amendments that require SECregistered investment advisers to, by November 4, 2022, switch their compliance regimes from the SEC’s current Advertising and Cash Solicitation Rules (Rules...more

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