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SEC Adopts Revised Investment Adviser Marketing Rule

Client memorandum | January 14, 2021

On December 22, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments to modernize and consolidate Rule 206(4)-1 (“Advertising Rule”) and Rule 206(4)-3 (“Solicitation Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”). The amendments are intended to modernize the existing rules governing investment adviser advertising and payments to solicitors, which have not been substantively changed since they were adopted in 1961 and 1979, respectively. The amendments combine the Advertising Rule and the Solicitation Rule into amended Rule 206(4)-1 (“Marketing Rule”), and rescind the Solicitation Rule. The Marketing Rule is discussed at a high level in the attached Client Memorandum.

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