News & Analysis as of

Investment Securities and Exchange Commission (SEC) Marketing

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

Alston & Bird

Sustainability Spotlight - Q3 2024

Alston & Bird on

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

SEC Compliance Consultants, Inc. (SEC³)

Nine Advisers Face $1.24 Million Fallout from SEC’s Marketing Rule Sweep

September 30 is the SEC’s fiscal year-end, so it's no surprise to see an uptick in enforcement cases this month. The latest slew of settlements involved violations of the Marketing Rule (Advisers Act Rule 204(4)-1) for...more

Proskauer Rose LLP

Unrepresentative Returns: SEC Sanctions Hedge Fund Manager for Misleading Marketing Practices

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On June 14, 2024, the SEC announced an enforcement action settlement with a Pennsylvania-based hedge fund manager for violating the Marketing Rule under the Investment Advisers Act. The SEC found that the adviser had misled...more

Oberheiden P.C.

Promoters, Endorsers, and Brokers: Understanding the Rules on Securities and Cryptocurrency Investment Advertising

Oberheiden P.C. on

Promoting securities, cryptocurrency, and other investment opportunities is fraught with legal risks. Individuals who engage in promotional activities must ensure that they have a clear understanding of the federal laws and...more

Seward & Kissel LLP

SEC Charges FinTech Investment Adviser with First Violation of the Marketing Rule and Additional Compliance Violations

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Recently, the U.S. Securities and Exchange Commission (the “SEC”) announced charges against an investment adviser (the “Adviser”) for using hypothetical performance metrics in advertisements that were misleading pursuant to...more

Troutman Pepper Locke

SEC Adopts New Advisers Act Rules for Private Fund Advisers

Troutman Pepper Locke on

On August 23, the Securities and Exchange Commission (SEC) adopted new rules (Adopting Release) for private fund advisers under the Investment Advisers Act of 1940, as amended (Advisers Act). The new rules require private...more

Proskauer Rose LLP

SEC Breaks its Silence on the New Marketing Rule's Net Performance Requirements

Proskauer Rose LLP on

The SEC staff has issued an FAQ related to amended Rule 206(4)-1 under the Investment Advisers Act (the “Marketing Rule”) clarifying that the net/gross rules apply to extracted performance that may consist of returns of...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC Division of Investment Management Staff Releases Updated FAQ Regarding Marketing Rule Compliance

On January 11, 2023, the staff of the SEC’s Division of Investment Management (the “Division Staff”) updated its list of frequently asked questions (“FAQs”) related to amended Rule 206(4)-1 (the “Marketing Rule”) under the...more

Foley Hoag LLP

Massachusetts Issues Marketing Rule Reminder

Foley Hoag LLP on

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

Fenwick & West LLP

Pump-and-Dumpers Take Their Lumps: Influencer Liability Catches the Eye of Federal Regulators

Fenwick & West LLP on

Influencers and their large and impressionable followings have become a valuable marketing tool for brands big and small. However, brands and influencers alike should proceed with caution as regulators continue to scrutinize...more

The Volkov Law Group

Former MoviePass Executives Indicted for Securities Fraud

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The old adage — if it sounds too good to be true, then it probably isn’t — still rings true when it comes to MoviePass, which ultimately resulted in a criminal indictment charging two former executives with securities fraud....more

Seward & Kissel LLP

New Marketing Rule: One Month Away from the Compliance Date

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On December 20, 2020, the Securities and Exchange Commission (the “SEC”) adopted reforms under the Investment Advisers Act of 1940, which modernized rules that govern investment adviser advertising and payments to solicitors....more

Stinson LLP

SEC Modernizes Investment Adviser Marketing and Solicitation Rules

Stinson LLP on

On December 22, 2020, the SEC created a new merged rule (Marketing Rule) that replaces two rules under the Advisers Act, rule 206(4)-1 (Marketing Rule), originally adopted in 1961, and rule 206(4)-3 (Solicitation Rule),...more

Seyfarth Shaw LLP

SEC Modernizes Decades-Old Investor Marketing Rules to Address Evolution of Markets and Technology

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Seyfarth Synopsis: The Securities and Exchange Commission (“SEC”) adopted a new investor marketing rule to replace and modernize its current advertising and cash solicitation rules. Neither of these rules has been...more

Proskauer - The Capital Commitment

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

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