Updated Marketing Rule Guidance | Will Clark Insights
VIGILANT INSIGHTS
Introduction
The SEC updated its Marketing Rule FAQ on Wednesday, March 19th, 2025, with Vigilant providing the key takeaways for industry professionals.
The SEC has provided a better explanation of their requirements for certain aspects of advertised performance.
Vigilant Director, Will Clark, CIPM, MBA, was quoted in FundFire providing his insights and thoughts surrounding this updated guidance.
Will Clark Insights
Will has emphasized that the guidance from the SEC staff highlights the importance of transparency and clarity in advertising.
Additionally, he discusses how difficult the previous interpretation of the Rule was for Private Funds, as an Adviser of hundreds of investments would have to apply a total management fee, pro rata, at the investment level.
As a reminder, the gross performance advertising of a specific investment or extraction requires clear disclosure that the performance is gross, the prominent presentation of net and gross performance for the entire portfolio and ensure that the same time periods are covered.
Vigilant’s Conclusion
It is important that Firms do not ignore the other general prohibitions listed in the Marketing Rule.
Vigilant offers quick, thorough, and precise reviews of marketing materials, helping your team effectively promote your achievements without worrying about future regulatory challenges.
Explore our Advertising and Marketing Review Services to discover how our process can be customized to support your business’s success.