SEC Proposes to Modernize Advertising and Solicitation Rules for Investment Advisers

White & Case LLP
Contact

White & Case LLPOn November 4, 2019, the Securities and Exchange Commission (“SEC”) issued a proposal1 to modernize the rules under the Investment Advisers Act of 1940 (“Advisers Act”)2 addressing SEC-registered investment adviser advertisements (“Advertising Rule”)3 and payments to solicitors (“Cash Solicitation Rule”).4 The proposal seeks to update the existing advertising framework governing investment advisers to reflect advances in technology and ways of communication, as well as changes in industry practices related to investment advisory services. Short of a comprehensive overhaul, the SEC’s proposal constitutes a welcomed attempt to address existing challenges, gray areas, and novel issues faced by investment advisers and not otherwise easily addressed under the current regulatory framework.

Notably, the proposal would provide more flexibility in advertising by replacing the Advertising Rule’s current per se prohibitions with more “principle-based” provisions and allowing the use of testimonials, endorsements, and third-party ratings, subject to certain conditions. The proposal would also introduce tailored requirements for the presentation of performance results based on an advertisement’s intended audience, distinguishing between retail investors and non-retail investors. Additionally, the SEC is seeking to expand the scope of the Cash Solicitation Rule to cover all forms of compensation for client referrals, including non-cash compensation (such as awards, prizes and discounted services), subject to a new de minimis threshold as well as expanding the scope of the types of activities covered by the rule. Lastly, the proposal includes corresponding amendments to the Advisers Act’s recordkeeping requirements (“Books and Records Rule”),5 as well as to Form ADV to provide the SEC with additional information regarding advisers’ advertising practices. Interested parties may submit comments to the SEC within 60 days following publication of the proposal in the Federal Register.

Background

Section 206 of the Advisers Act prohibits misstatements or misleading omissions of material facts and other fraudulent acts and practices in connection with the conduct of an investment advisory business. As fiduciaries, investment advisers owe investors undivided loyalty, and may not engage in certain activities that may conflict with a client’s interest without such client’s consent. In addition to the general anti-fraud provisions in Section 206, the Advertising Rule and the Cash Solicitation Rule, adopted by the SEC in 1961 and 1979, respectively, further restrict registered investment advisers’ advertising practices in an effort to further protect investors from misleading advertisements and conflicts of interest related to the offering of investment products and services.

Advertising Rule. Under the Advertising Rule, registered investment advisers are prohibited from making any fraudulent, deceptive, or manipulative “advertisement” to existing and prospective investors. “Advertisement” broadly includes any written communication addressed to more than one person, or any publication or a radio or television announcement, which offers any investment advisory service with regard to securities. The current Advertising Rule sets forth four specific per se prohibitions relating to the use and content of “advertisements” by investment advisers. Specifically, the Advertising Rule prohibits publishing, circulating, or distributing any advertisement that:

  1. Refers to any testimonial concerning the investment adviser or any advice, analysis, report, or other service rendered by such investment adviser;
  2. Refers to past specific recommendations of the investment adviser that were or would have been profitable unless the investment adviser complies with certain conditions;
  3. Represents that any graph, chart, formula or other device offered can in and of itself be used to make trading decisions without prominently disclosing in the advertisement any limitations or difficulties in its use; or
  4. Contains any statement to the effect that any report, analysis, or service is free unless it really is free.

The Advertising Rule also includes a “catch-all” prohibition, which restricts an investment adviser from publishing, circulating, or distributing any advertisement that “contains any untrue statement of a material fact” or that is “otherwise false or misleading.”

Cash Solicitation Rule. The Cash Solicitation Rule generally prohibits registered investment advisers from paying a cash fee for solicitation activities, directly or indirectly, to third parties (i.e., “solicitors” or “finders”) who solicit clients on the adviser’s behalf unless the arrangement complies with certain mandated disclosures and requirements. Notably, the Cash Solicitation Rule requires that any referral fee be paid pursuant to a written agreement between the investment adviser and the solicitor, which, among other provisions, requires the solicitor to provide the client with a current copy of the investment adviser’s Form ADV brochure and a separate written disclosure alerting the client of the solicitor’s financial interest in the referral. The Cash Solicitation Rule also imposes certain other obligations on cash compensation arrangements, such as requiring an investment adviser to receive a signed and dated client acknowledgment of receipt of the required disclosures and prohibiting cash payments to solicitors who are subject to certain disciplinary actions.

The Advertising Rule and the Cash Solicitation Rule have not been substantively updated since their adoption, although the SEC has issued no-action letters and provided interpretative guidance in the interim. Meanwhile, advancements in technology and changes in marketing and solicitation practices have evolved significantly, making compliance with the rules’ restrictions challenging in light of today’s standard business practices. For instance, the common use of certain modern means of communication to attract and engage with clients and prospective clients, including through the internet and social media, may constitute per se violations under the current regulatory framework.6 The SEC’s proposal is intended in part to address these changes.

Proposed Amendments to the Advertising Rule

The first part of the SEC proposal seeks to modernize the Advertising Rule by expanding the definition of “advertisement” and replacing the rule’s current broad per se limitations with a more “principle-based” approach:

  1. Definition of “advertisement.” The proposal would update and expand the definition of “advertisement” to align with technology developments and the “changing profiles” of investment advisers. According to the SEC, “advertisement” should broadly include “any communication, disseminated by any means, by or on behalf of an investment adviser, that offers or promotes investment advisory services or that seeks to obtain or retain advisory clients or investors in any pooled investment vehicle advised by the investment adviser.”

    Specifically carved out from this definition are (1) live oral communications that are not broadcast on radio, television, the internet or other similar medium; (2) responses by an investment adviser to certain unsolicited requests for specified information; (3) advertisements and other sales material or literature that are about a registered investment company or a business development company subject to other SEC rules; and (4) any information required to be contained in a statutory or regulatory notice, filing, or other communication.

  1. General prohibitions on certain advertising practices. The proposal would redefine the scope of prohibited advertising and marketing practices by codifying existing SEC guidance. Notably, the SEC would not need to demonstrate that an investment adviser acted with intent in order to establish a violation of the proposed rule. The revised general prohibitions would include: 
    • Making an untrue statement of a material fact, or omission of a material fact necessary to make the statement made, in light of the circumstances under which it was made, not misleading;
    • Making a material claim or statement that is unsubstantiated;
    • Making an untrue or misleading implication about, or being reasonably likely to cause an untrue or misleading inference to be drawn concerning, a material fact relating to the investment adviser;
    • Discussing or implying any potential benefits of an adviser’s service without clear and prominent discussion of associated material risks or other limitations associated with the benefits;
    • Referring to specific investment advice provided by the adviser that is not presented in a fair and balanced manner;
    • Including or excluding performance results, or presenting performance time periods, in a manner that is not fair and balanced (the “anti-cherry picking provisions”); and
    • Being otherwise materially misleading as contemplated in the current rule.
  1. Restrictions and conditions on certain advertising practices. Subject to certain conditions, the proposal would permit investment advisers to use testimonials, endorsements, and third-party ratings, which are either prohibited or not addressed under the current Advertising Rule. Such advertising practices would require investment advisers to comply with specified disclosures in order to reduce risks of misleading retail investors.

    The use of performance information in advertisements remains, however, subject to various restrictions. Notably, the proposal would generally prohibit:

    • Including gross performance results, unless the advertisement provides (or offers to promptly provide) a schedule of fees and expenses deducted to calculate net performance;
    • Including any statement that the calculation or presentation of performance results has been approved or reviewed by the SEC;
    • Presenting performance results from some but not all portfolios with substantially similar investment policies, objectives and strategies as those being offered or promoted in the advertisement;
    • Presenting performance results of a subset of investments extracted from a portfolio, unless it provides (or offers to promptly provide) the performance results of all investments in that portfolio; and
    • Presenting hypothetical performance, unless the investment adviser adopts and implements policies and procedures designed to reasonably ensure the performance is relevant to the financial situation and investment objectives of the recipient, among other specified information.

Performance information targeting retail investors would be subject to additional restrictions. When addressing a retail audience, the SEC would specifically require investment advisers (1) to present net performance alongside any presentation of gross performance, as well as (2) to generally show performance over specified time periods. 

  1. Internal review and approval. The proposal would also require investment advisers to designate an  employee to review and approve, in writing, all advertisements prior to dissemination, except for advertisements that are (1) communications directed to a single investor or household; or (2) live oral communications broadcast on radio, television, the internet, or any other similar medium.
  2. Amended Form ADV. Finally, the SEC intends to amend Form ADV to enhance publicly available information about investment advisers’ advertising practices.

Proposed Amendments to the Cash Solicitation Rule

The second part of the SEC proposal focuses on amending the rules surrounding compensation arrangements between registered investment advisers and solicitors. Notably, the proposal would expand the types of activities and compensation subject to the Cash Solicitation Rule and revise certain compliance requirements under the Advisers Act:

  1. Forms of compensation. The SEC proposes to expand the scope of the Cash Solicitation Rule to cover all forms of compensation paid to a solicitor, including cash and non-cash compensation (including directed brokerage, awards, prizes, and free or discounted services). The proposal would significantly extend the rule’s coverage, which currently only applies to cash arrangements while aintaining the rule’s existing partial exemptions for (1) solicitors that refer investors for impersonal investment advice, and (2) solicitors that are employees or affiliated with the investment adviser. The SEC also proposes to introduce two new full exemptions for (1) solicitors receiving compensation below a de minimis compensation threshold,7 and (2) investment advisers that participate in certain nonprofit referral programs.
  2. Written agreement. The proposal would eliminate the rule’s current requirement that a solicitor deliver the investment adviser’s Form ADV brochure to investors and conduct solicitation activities in a manner consistent with the investment adviser’s instructions.
  3. Disclosure requirements. The proposal would revise the existing requirement that a solicitor separately disclose to investors certain specified information at time of solicitation. The SEC is seeking comments on whether to expand such disclosure to include additional information regarding any potential material conflict of interest on the part of the solicitor stemming from the investment adviser’s relationship with the solicitor and/or direct or indirect compensation received for referrals. While the SEC intends for that disclosure to remain separate, written delivery would no longer be required to accommodate current market practices, subject to recordkeeping requirements. Further, the proposal would eliminate investment advisers’ obligation to obtain from each investor a written acknowledgment of receipt of the disclosure.
  4. Restrictions on the use of certain solicitors. The proposal would also expand the list of disciplinary events for which a person would be disqualified from acting as a solicitor and receiving, directly or indirectly, compensation from an investment adviser, subject to a limited exception.

We note that this does not affect any state laws related to the registration or conduct of investment advisers or representatives engaged in solicitor activities, and advisers and representatives will need to continue to comply with applicable state requirements.

Other Changes

Finally, the proposal contains corresponding amendments to the Books and Records Rule to conform existing recordkeeping requirements with the SEC’s proposed revisions to the Advertising Rule and the Cash Solicitation Rule. The SEC further indicated it is currently reviewing previously issued no-action letters and guidance to determine whether any such interpretations should be withdrawn as a result of this proposal.

Considerations for Investment Advisers

The SEC’s proposal constitutes a much-needed revamp of the current regulatory framework governing the marketing and advertising of investment advisory services. Notably, the proposed rules would provide more clarity and flexibility for registered investment advisers’ use of online communications to engage with existing and prospective investors, such as by posting testimonials, endorsements, and third-party ratings on social media. The SEC’s proposal to distinguish between retail and institutional investors would permit greater latitude in the use of certain performance information in advertisements targeting an institutional audience. In addition, proposed revisions to the definition of “advertisement” would increase flexibility in the implementation of the Advertising Rule going forward by capturing modern methods of communications and anticipating future changes in technology.

Short of a comprehensive overhaul, the SEC’s proposal constitutes a welcomed attempt to address existing challenges, gray areas, and novel issues faced by investment advisers and not otherwise contemplated under the current regulatory framework. Registered investment advisers may now benefit from updated advertising guidelines more accurately in line with common ways of communications and industry practices. Interested stakeholders should consider submitting feedback to the SEC on any aspect of the proposal.

1 SEC, Investment Adviser Advertisements; Compensation for Solicitations, RIN:3235-AM08 (Nov. 4, 2019), available at https://www.sec.gov/rules/proposed/2019/ia-5407.pdf.
2 15 USC. §§ 80b-1 et seq.
3 17 C.F.R. 275.206(4)-1.
4 Id. 275.206(4)-3.
5 Id. 275.206(4)-2.
6 In 2012, the SEC reminded registered investment advisers that the use of a “like” or similar feature on a social media  website may be considered a “testimonial” prohibited under the Advertising Rule. See Office of Compliance Inspections and Examinations, Investment Adviser Use of Social Media (Jan. 4, 2012), available at https://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf.
7 Specifically, the Cash Solicitation Rule would not apply if the solicitor has performed solicitation activities for the investment adviser during the preceding 12 months and the investment adviser’s compensation payable to the solicitor for those solicitation activities is $100 or less (or the equivalent value in non-cash compensation).

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© White & Case LLP | Attorney Advertising

Written by:

White & Case LLP
Contact
more
less

White & Case LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.