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Stradley Lawyers Review Advertising Rule Proposals

The SEC recently proposed amendments to modernize the rules under the Investment Advisers Act addressing investment adviser advertisements and payments to solicitors. These rules do not directly affect fund directors however they hold important implications for advisers and CCOs. Lawyers from Stradley Ronon discussed the proposal and its implications in a client alert.  The proposed amendments to the advertising rule would replace the current rule’s broadly drawn limitations with principles-based provisions. The proposed approach would permit the use of testimonials, endorsements, and third-party ratings, subject to certain conditions, and would include tailored requirements for the presentation of performance results based on an advertisement’s intended audience. The proposed amendments to the solicitation rule would expand the current rule to cover solicitation arrangements involving all forms of compensation, rather than only cash, subject to a new de minimis threshold. The public comment period will remain open for 60 days following publication of the proposal in the Federal Register. 

 
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