Monday, March 8, 2021
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 separate advertising and cash solicitation rules and will take effect May 4, 2021. Investment advisers subject to the Marketing Rules have 18 months thereafter to bring their marketing practices into compliance.
What does this mean for investment advisers?
All investment advisers required to be registered with the SEC are subject to the Marketing Rules and will need to update their advertising practices and recordkeeping policies. The new rule is lengthy and complex, and advisers should consult with their attorneys to ensure full compliance. The Marketing Rules prohibit several types of marketing practices and regulate the use of testimonials, endorsements, third-party ratings and performance advertising. The full text of the Marketing
On December 22, the SEC adopted amendments to modernize and combine the existing advertising and cash solicitation rules for advisers registered or required to be registered with the SEC. Among many other things, the amendments:
Streamline the advertising and cash solicitation requirements under the newly named “Investment Adviser Marketing Rule” (numerous long-standing no-action letters will be withdrawn);
Replace the four per se prohibitions of the advertising rule with seven general prohibitions based on historic anti-fraud principles (but also includes specific requirements as to disclosure, diligence, policy and oversight);
Set forth numerous new definitions, including a new two-prong definition of “advertisement” that:
Dalia Blass to Conclude Tenure as Director of the Division of Investment Management
Washington, D.C. (Newsfile Corp. - December 22, 2020) - The Securities and Exchange Commission today announced that Dalia Blass, Director of the Division of Investment Management, will depart the SEC in January after leading the Division since September 2017. Under her leadership, the Division finalized more than 70 regulatory initiatives affecting investment companies and investment advisers.
The Division of Investment Management s work is critical to ensuring that America s Main Street investors have access to high-quality investment opportunities from which they can make well-informed investing decisions. It has primary responsibility for administering the Investment Company Act of 1940 and the Investment Advises Act of 1940, which includes overseeing investment companies (e.g., mutual funds, closed-end funds, business development companies, unit investment trusts, variable insurance products, a
SEC: Dalia Blass To Conclude Tenure As Director Of The Division Of Investment Management - Under Director Blass s Leadership, The Division Undertook Numerous Initiatives Benefitting Main Street Investors Date
22/12/2020
The Securities and Exchange Commission today announced that Dalia Blass, Director of the Division of Investment Management, will depart the SEC in January after leading the Division since September 2017. Under her leadership, the Division finalized more than 70 regulatory initiatives affecting investment companies and investment advisers.
The Division of Investment Management s work is critical to ensuring that America s Main Street investors have access to high-quality investment opportunities from which they can make well-informed investing decisions. It has primary responsibility for administering the Investment Company Act of 1940 and the Investment Advises Act of 1940, which includes overseeing investment companies (e.g., mutual funds, closed-end funds,