Just before we said goodbye to 2020, the Securities and Exchange Commission (SEC) finalized amendments to its advertising and solicitation rules under the Investment Advisers Act of 1940, as amended (Advisers Act). The SEC proposed the amendments back in November 2019, kicking off more than a year of significant industry comments, debates, and speculation. Such enthusiasm was fully warranted given the challenges industry participants faced applying outdated rules to a vastly changed industry. Indeed, neither the Advisers Act’s current advertising rule (Rule 206(4)-1), nor cash solicitation rule (Rule 206(4)-3) had changed materially since their adoption in 1961 and 1979, respectively.