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Securities and Exchange Commission (SEC) Marketing Registered Investment Advisors

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

Womble Bond Dickinson

SEC Marketing Rule: Fintech Enforcement Actions

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This alert highlights recent artificial intelligence (AI)-related enforcement actions that the Securities and Exchange Commission (SEC) has brought against investment advisers under the SEC's "Marketing Rule." The enforcement...more

Dorsey & Whitney LLP

RIA Regulatory Review - June 2024

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This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers....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

Dorsey & Whitney LLP

SEC Settles with Five Investment Advisers for Marketing Rule Violations

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The SEC recently settled charges against five registered investment advisers for violations of the marketing rule (“Marketing Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”)....more

Paul Hastings LLP

SEC Department of Examinations Issues Risk Alert on Marketing Rule Deficiencies

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Last week, the Securities and Exchange Commission’s Division of Examinations (“DOE”) issued a Risk Alert (the “Alert”) entitled “Initial Observations Regarding Advisers Act Marketing Rule Compliance.” The Alert describes...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

Akin Gump Strauss Hauer & Feld LLP

“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has...more

BCLP

SEC Enforcement Sweep Regarding Hypothetical Performance - Round 2

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On April 12, 2024, the U.S. Securities and Exchange Commission (the “SEC”) announced settled charges against five registered investment advisers for violations of Rule 206(4)-1 (the “Marketing Rule”) under the Investment...more

Paul Hastings LLP

SEC Enforcement Continues Thematic Focus on Hypothetical Performance

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The SEC charged five more registered investment advisers with violating the Investment Advisers Act’s Marketing Rule by advertising hypothetical performance on their websites without adopting appropriate policies and...more

Lowenstein Sandler LLP

SEC’s 2024 Examination Priorities for Investment Advisers

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The U.S. Securities and Exchange Commission (SEC) Division of Examinations (the Division) recently released its annual Examination Priorities for fiscal year 2024 (the Report). The Report underlines the Division’s focus on...more

Morrison & Foerster LLP

Private Fund Advisers: Presenting Track Record and Other Performance Information Under the Marketing Rule

Private fund advisers that are registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940 (the “Advisers Act”) are subject to certain rules governing their use of investment track...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

Vedder Price

SEC Settles Enforcement Proceedings Against Nine Advisers for Alleged Marketing Rule Violations

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On September 11, 2023, the SEC announced the settlement of administrative proceedings brought against nine registered investment advisers for disseminating hypothetical performance returns on their public websites without...more

Goodwin

SEC Marketing Rule Enforcement Actions Emphasize Need for Policies and Procedures Regarding the Use of Hypothetical Performance

Goodwin on

The US Securities and Exchange Commission (the SEC) announced on September 11, 2023, that it had settled with nine SEC-registered investment advisers (the Advisers) over alleged violations of Rule 206(4)-1 under the...more

Morrison & Foerster LLP

SEC Examinations and Enforcement Update for Registered Investment Advisers: Transparency for SEC Exams, Marketing Rule Sweep, and...

A series of recent actions by the Securities and Exchange Commission (SEC) and its staff should prompt registered investment advisers (RIAs) to reassess their risk tolerance for some relatively common RIA marketing, custody,...more

Morrison & Foerster LLP

Top 5 SEC Developments for August 2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. This...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC Charges RIA with Violations of Amended Marketing Rule

On August 21, 2023, the SEC announced that it had charged a registered investment adviser (the “RIA”) with violations of the Investment Advisers Act of 1940[1], including the recently amended Rule 206(4)-1 thereunder (known...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Second Risk Alert on Marketing Rule Compliance

On June 8, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued its second Risk Alert (the “2023 Risk Alert”) on the amended Rule 206(4)-1 (the “Marketing Rule”)...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Risk Alert Describes Examination Areas for Newly Registered Advisers

On March 27, 2023, the Securities and Exchange Commission’s (SEC’s) Division of Examinations issued a Risk Alert setting forth typical focus areas reviewed by the staff during its examinations of newly registered advisers....more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

[Event] 2023 Alternative Investments Outlook - March 30th, New York, NY

Join Tannenbaum Helpern for our 2023 Alternative Investments Outlook program. This year’s event will examine the current regulatory landscape for Registered Investment Advisors, including among other topics the SEC’s...more

Dorsey & Whitney LLP

SEC Exams of Advisers and Investment Companies

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The Division of Examinations has revamped and updated its exam priorities according to its most recent release, 2023 Exam Priorities. Consistent with its typical approach the Division plans to focus on a blend of topics and...more

Lowenstein Sandler LLP

SEC Releases 2023 Examination Priorities for Registered Investment Advisers and Broker-Dealers

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On February 7, 2023, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) released its annual Priorities Report1 for upcoming examinations of registered investment advisers...more

Foley Hoag LLP

Massachusetts Issues Marketing Rule Reminder

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On November 4, 2022, the U.S. Securities and Exchange Commission (the “SEC”) began enforcing its updated advertising requirements for federally registered advisers. Those rules, described in greater detail here, represented a...more

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