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Securities and Exchange Commission (SEC) Marketing

Ropes & Gray LLP

[Podcast] Navigating the SEC's New Marketing Rule FAQ Guidance

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On this Ropes & Gray podcast, Alyssa Horton and Colleen Meyer, both counsel in the private funds regulatory group, explore the recent SEC staff guidance on the Marketing Rule. They discuss the new FAQs issued on March 19,...more

Pagefreezer

Social Media vs. Compliance — The Major Marketing Problem Stumping Financial Services

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These days, you'd be hard-pressed to find an business that isn't advertising on social media. But when it comes to financial service providers, social media marketing can become a double-edged sword, or worse a compliance...more

Paul Hastings LLP

SEC Updates Marketing Rule and Form PF FAQs in Short Succession

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On March 19, the SEC issued updates to its FAQs regarding compliance with Rule 206(4)-1 of the Advisers Act (the Marketing Rule) addressing (i) when gross and net performance are required for certain “extracted” performance,...more

McGuireWoods LLP

SEC Updates Marketing Rule FAQs to Provide Additional Performance Presentation Flexibility

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On March 19, 2025, the staff of the Securities and Exchange Commission (SEC) updated the FAQ page pertaining to Rule 206(4)-1 (the Marketing Rule) under the Investment Advisers Act of 1940. The updated guidance permits...more

Cooley LLP

Updated Marketing Rule FAQ Relieves Fund Managers From Calculating Investment-Level Net Returns

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On March 19, 2025, staff from the Securities and Exchange Commission (SEC staff) updated its prior guidance regarding the requirement to show net returns of an individual investment, or subset of investments, in compliance...more

Vedder Price

SEC Provides Helpful Marketing Rule FAQ Guidance

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On March 19, 2025, the Securities and Exchange Commission (“SEC”) updated its frequently asked questions (FAQs) relating to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Marketing Rule”). The new FAQs permit...more

Foley & Lardner LLP

Updated SEC Marketing Rule FAQ: Clarification Regarding Presentation of Net Extracted Performance

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On March 19, 2025, the Securities and Exchange Commission (SEC) staff issued an update to its frequently asked questions (FAQ) guidance with respect to registered investment advisers’ compliance with Rule 206(4)-1 (Marketing...more

DLA Piper

SEC Clarifies When Gross-Only Performance May Be Permissible

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The US Securities and Exchange Commission staff (Staff) has issued revised guidance regarding the application of Rule 206(4)-1 under the Investment Advisers Act of 1940, as amended (Marketing Rule), providing flexibility for...more

Morrison & Foerster LLP

SEC Staff Issues New Marketing Rule FAQs

On March 19, 2025, the staff of the SEC’s Division of Investment Management issued two new FAQs related to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Rule”). The new guidance reduces the complexity of the...more

Lowenstein Sandler LLP

SEC Updates Guidance on the Use of Gross and Net Performance in Advertisements

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On March 19, the Securities and Exchange Commission (SEC) issued a new FAQ response1 that softens prior guidance on the use of gross and net performance in advertisements. The new FAQs (the New Guidance) reduce the burden of...more

K&L Gates LLP

SEC Marketing Rule FAQs Yield New Guidance

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On 19 March 2025, the Securities and Exchange Commission staff issued updated frequently asked questions (FAQs) relating to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Marketing Rule) (available here)....more

BCLP

SEC Staff Issues Welcome Guidance on Extracted Performance and Portfolio Characteristics Under the Marketing Rule

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On March 19, 2025, the staff of the U.S. Securities and Exchange Commission (the “SEC”) updated its Frequently Asked Questions (“FAQ”) pertaining to Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of...more

Davis Wright Tremaine LLP

SEC Updates Marketing Rule Guidance

On March 19, 2025, the SEC made two significant updates to the Marketing Rule's FAQ page. DWT discussed the SEC's recently adopted Marketing Rule (Rule 206(4)-1 under the Investment Advisers Act of 1940) in our 2024 post, and...more

Holland & Knight LLP

SEC's Division of Investment Management Updates Marketing Rule FAQs

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The SEC's Division of Investment Management (Division) on March 19, 2025, updated its Marketing Compliance Frequently Asked Questions (FAQs) with respect to Rule 206(4)-1 under the Investment Advisers Act of 1940 (Marketing...more

McDermott Will & Emery

SEC Eases Marketing Rule Net Performance Requirement

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On March 19, 2025, the US Securities and Exchange Commission’s (SEC) Division of Investment Management updated its frequently asked questions (FAQs) related to Rule 206(4)-1 (the Marketing Rule) under the Investment Advisers...more

Morgan Lewis

SEC Staff Issues Updated Marketing Rule FAQs

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SEC Staff published new guidance providing private fund managers and other investment advisers with flexibility to use extracted performance and portfolio/investment characteristics in marketing materials, without cumbersome...more

Goodwin

SEC Backtracks on Net Performance Requirements in New Marketing Rule FAQs

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On March 19th, the staff of the Securities and Exchange Commission (the “SEC”) issued two new FAQs under the Marketing Rule (Rule 206(4)-1 under the Investment Advisers Act of 1940) that will allow investment advisers to (i)...more

Latham & Watkins LLP

SEC Staff Issues FAQs That Relax Marketing Rule Restrictions

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The FAQs provide investment advisers greater flexibility to present investment performance solely on a gross basis. On March 19, 2025, the Securities and Exchange Commission (SEC or the Commission) Staff released two new...more

Alston & Bird

Sustainability Spotlight - Q3 2024

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Welcome to the latest edition of the Sustainability Spotlight, your place to keep up with all the ESG action – federal and state enforcement, shareholder proposals and litigation, and state attorney general actions. This...more

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

Royer Cooper Cohen Braunfeld LLC

SEC’s 2025 Examination Priorities

On November 21, 2024, the Securities and Exchange Commission (SEC) released its examination priorities for 2025. The release offers critical insights into the areas that the SEC will focus on....more

Seward & Kissel LLP

SEC Charges Robo-Adviser with Marketing Rule Violations

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Who may be interested: Registered Investment Companies; Investment Advisers - Quick Take: The SEC recently settled charges against a registered investment adviser for violating the requirements of Rule 206(4)-1 of the...more

Venable LLP

Foul! SEC Faults Investment Adviser for Inadequate Disclosures on Professional Athlete Endorsements

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The Federal Trade Commission (FTC) isn’t the only regulator in town when it comes to endorsements and testimonials. The Securities and Exchange Commission (SEC) regulates investment adviser marketing under its “Marketing...more

Lowenstein Sandler LLP

SEC Settles Against Nine Investment Advisers for Marketing Rule Violations, Underscoring the Continued Priority of Marketing Rule...

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On September 9, the U.S. Securities and Exchange Commission (SEC) announced another series of settlements with registered investment advisers for violations of Rule 206(4)-1, as amended (Marketing Rule), under the Investment...more

Carlton Fields

FINRA and SEC Float Concerns Over Social Media Finfluencers

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Social media marketing is an important form of advertising in our digital world, particularly with a target audience of younger investors. This has caught the eye of FINRA and the SEC....more

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