SEC Proposes to Modernize Investment Adviser Marketing Rules

SEC Proposes to Modernize Investment Adviser Marketing Rules


By: Jessica Forbes, Stacey Song, Joanna Rosenberg

On November 4, 2019, the Securities and Exchange Commission (the “SEC”) issued a 500-page release proposing amendments to Rule 206(4)-1 (“Advertising Rule”) and Rule 206(4)-3 (“Solicitation Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”). The proposed amendments to each rule are discussed at a high level below. The proposed amendments are intended to modernize the rules, which have not been substantively changed since they were adopted in 1961 and 1979.

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