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Wednesday, January 20, 2021
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 investment adviser advertising and solicitation practices.
1 Rule 206(4)-1 was the SEC’s first antifraud rule governing the activities of investment advisers, and in many respects, it remains the most important. This action represents the first substantive amendments to the rule since its adoption in 1961 and will have vast implications for the compliance and business practices of nearly every investment adviser in the United States.
Citing the need to address evolving marketing practices in light of advancements in technology and changes within the asset management industry, the SEC elected to replace the current versions of Rule 206(4)-1 (the advertising rule) and Rule 206(4)-3 (the solicitation rule) with a single “Marketin