News & Analysis as of

Securities and Exchange Commission (SEC) Form ADV Marketing

Latham & Watkins LLP

SEC Targets Investment Advisers for Misstatements and Compliance Failures

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Three recent enforcement actions highlight the risks of failing to adhere to representations made to investors regarding ESG and biblically responsible investing strategies....more

Goodwin

SEC Sends Additional Message to Registered Investment Advisers on Marketing Rule Obligations Through Enforcement Actions

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On September 9, 2024, approximately one year since its first flurry of similar Marketing Rule actions, the Securities and Exchange Commission (the SEC) announced settlements with nine SEC-registered investment advisers (the...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC Division of Examinations Publishes Marketing Rule Risk Alert

The staff of SEC’s Division of Examinations (the “Staff”) recently issued a Risk Alert (the “Alert”) outlining the Staff’s initial observations from sweep exams conducted to assess SEC registered investment advisers’ (“RIAs”)...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

BCLP

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

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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

Lowenstein Sandler LLP

Slew of Recent SEC Enforcement Actions: Guidance for Registered Investment Advisers

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On September 5, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against five investment advisers for violating Rule 206(4)-2 (the Custody Rule) and Rule 204-1(a) (the ADV Reporting Rule) of the...more

ArentFox Schiff

Recent SEC Risk Alert Informs Advisors of Focus Areas for Upcoming Examinations Under Marketing Rule

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The DOE previously announced it would prioritize the following areas during examinations: The DOE will continue to focus on these areas, as well as the dissemination of advertisements that violate certain general...more

Foley & Lardner LLP

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

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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

Goodwin

SEC Announces Focus Areas for Next Stage of Marketing Rule Exams

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On June 8, 2023, the Division of Examinations (EXAMS) of the Securities and Exchange Commission (the SEC) published a Risk Alert regarding its priorities for the next stage of examinations with respect to Rule 206(4)-1 (the...more

Dorsey & Whitney LLP

The New Adviser Marketing Rule: Division of Examinations Alert

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​​​​​​​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

Foley Hoag LLP

SEC Adopts New Marketing Rule for Investment Advisers

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On December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments under the Investment Advisers Act of 1940 modernizing the rules governing investment adviser marketing. The amendments replace and...more

Miller Canfield

New Investment Adviser Marketing Rules Take Effect May 4, 2021

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On December 22, 2020, the SEC adopted amended Rule 206(4)-1 under the Investment Advisers Act of 1940, updating the rules governing investment adviser marketing ("Marketing Rules"). The new Rule replaces the currently...more

K&L Gates LLP

The SEC's Modernized Marketing Rule for Investment Advisers

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On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of...more

Stinson LLP

SEC Modernizes Investment Adviser Marketing and Solicitation Rules

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On December 22, 2020, the SEC created a new merged rule (Marketing Rule) that replaces two rules under the Advisers Act, rule 206(4)-1 (Marketing Rule), originally adopted in 1961, and rule 206(4)-3 (Solicitation Rule),...more

UB Greensfelder LLP

The SEC’s New Marketing Rule: Bringing Investment Adviser Advertising From The “Mad Men” Era To The Amazon Age

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“The SEC score(s) one for the digital age.” These are the words of SEC Commissioner Heist, though, not my own. After a nearly year-long comment period, the SEC announced last week that it was replacing its former advertising...more

Faegre Drinker Biddle & Reath LLP

SEC Proposes Wide-Ranging Changes to Investment Adviser Marketing Rules

On November 4, 2019, the Securities and Exchange Commission (SEC) released a proposed rule amendment (the Marketing Amendment) that would substantially modify SEC Rules 206(4)-1 (the Advertising Rule) and 206(4)-3 (the...more

Bracewell LLP

OCIE Releases Risk Alert Regarding the Fees and Expenses that Investment Advisers Charge Clients

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The Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) recently released a Risk Alert that highlights the most common compliance deficiencies relating to fees and expenses...more

Proskauer Rose LLP

SEC Staff Issues Risk Alert on the Six Most Frequent Fee and Expense Compliance Issues

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On April 12, 2018, the SEC's Office of Compliance Inspections and Examinations ("OCIE") issued a risk alert listing the most common compliance issues concerning fees and expenses charged by SEC-registered investment advisers....more

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