SEC Marketing Rule Changes Increase Flexibility For Advisers

By Gregory Rowland, Nora Jordan, Sarah Kim and Aaron Gilbride (November 12, 2019, 3:44 PM EST) -- In a Nov. 4 release, the U.S. Securities and Exchange Commission proposed amendments to modernize the advertising and cash solicitation rules for registered investment advisers under the Investment Advisers Act of 1940.[1] The proposed amendments relate primarily to Rule 206(4)-1, or the advertising rule, and Rule 206(4)-3, the solicitation rule, which have remained largely unchanged since their adoptions decades ago.

According to the press release and fact sheet issued in connection with the proposed amendments, the proposed amendments aim to update the rules "to reflect changes in technology, the expectations of investors seeking advisory services, and the evolution of industry practice."[2]...

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