Published on May 25th, 2022 |

Brief Introduction

On Monday, May 23rd, the Division of Examinations (“EXAMS”), sent out an email reminder to all SEC RIAs reminding them about the compliance date for the Marketing Rule on Friday, November 4th, 2022.

EXAMS provided a brief reminder of important key areas regarding the new Rule.

Below is a quick overview of reminders and requirements by November 4th:

  • SEC RIAs may no longer choose to comply with the previous advertising rule and cash payments for client solicitations rule or rely on the staff’s positions under those rules on November 4th.
  • Distribution of any advertisements on or after the compliance date are going to be subject to the new Marketing Rule.
  • Policies and Procedures for SEC RIAs will be required to be updated and revised to prevent violations of the Marketing Rule.
  • The Books and Records Rule will require Investment Advisers to make and keep certain records (e.g. endorsements, testimonials, performance related information, documentation for oral advertisements, and certain internal working papers).
  • With Rule 206(4)-3 being replaced by the Marketing Rule, EXAMS stated that Advisers should also review Item 14 (client referral and other compensation) of Form ADV Part 2A.

Need assistance updating/revising your Policies and Procedures to comply with the Marketing Rule?

Vigilant offers Marketing Rule Review Services, where we provide full gap analysis and implementation support to help your Firm comply with the Rule.

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References Provided By EXAMS Below:

Marketing Compliance FAQs

Rule 2064)-1