SEC Marketing Rule Insights and Alerts

The SEC has finalized the long-awaited overhaul of the Advertising Rule.

The new Marketing Rule was approved on December 22, 2020 and is intended to modernize the framework for investment adviser advertising and replace the patchwork of cases, no-action letters and SEC staff guidance that has developed in this area since the rule was first adopted in 1961.

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Featured solution

Marketing Rule Gap Analysis

Assists your firm in assessing the gaps between current marketing and advertising practices and the new Marketing Rule.

  • Customized training covers and defines many of the key definitions and notable changes.
  • Review marketing practices, materials, and policies and procedures to identify areas that may require changes.
  • Review and classify performance metrics under hypothetical, extracted, predecessor/portable, and related performance categories.
  • Receive a summary report and project plan for implementing the new rule.

Implementing the SEC's New Marketing Rule in 2022

At our Fall 2021 Virtual Conference, we asked attendees about their priorities and approach to implementing the SEC's New Marketing Rule.

Top priority for 2022

#1

marketing & advertising will be the top priority of firms in 2022

Timeline for adoption

69%

are reviewing the rule now or planned to do so soon

Top concerns

62%

are worried about updating manuals, revising materials, performance, and implementation

Our solutions

ACA can help you understand the requirements of the Marketing Rule as they relate to your business and help you prepare for new regulation.

Assists your firm in navigating the evolving regulatory landscape while considering the complexity of your unique compliance requirements.

Marketing Rule Gap Analysis and Implementation Support

Assists your firm in assessing the gaps between current marketing and advertising practices and the new Marketing Rule.

Assists your firm in meeting the new requirement pertaining to marketing related performance by providing a technology solution that will conduct outlier analysis, strategy drift analytics, and scoring metrics.

Helps your marketing and legal teams easily manage workflows for submitting, reviewing, approving, and archiving marketing and advertising materials.

Allows your firm to significantly reduce the amount of time and resources devoted to the marketing and advertising review process. ACA can step in during periods of high volume or assist with enhancing collateral review workflows and protocols.

Customized Training

Provides your firm with customized trainings that cover and define many of the key definitions within the new Marketing Rule.

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On demand webcasts

The New Marketing Rule: A Focus on Performance

Join ACA and K&L Gates for a detailed explanation of the specific performance requirements, how they differ from prior no-action letters, and what steps a firm should take now in order to be ready by the deadline.

Webcast

FAQs: Amendments to the Marketing & Advertising Rule

Join ACA for a complimentary webcast in which we'll provide answers to the most frequently asked questions we've received in response to the new marketing rule and its implications.

Webcast

Get Ready to Comply: SEC Marketing Rule Preparation Timeline

The compliance date for the SEC's New Marketing Rule is November 4, 2022. With 1 year to go, ACA’s team of experts have put together a suggested preparation timeline guide to help firms prepare to implement the changes necessary to comply.

Webcast

Latest insights and alerts

2021 Compliance Testing Survey: New SEC Marketing Rule Now Top Compliance Concern

Implementing the SEC’s new Marketing Rule for Investment Advisers is the number one worry for investment adviser compliance officers, according to the 2021 Investment Adviser Compliance Testing Survey. Advisory firms have until November 4, 2022 to come into full compliance with the rule.

Survey
  • Compliance
  • SEC Advertising Rule

Client demand and regulation are driving trends behind OCIOs claiming GIPS compliance

ACA is continuing to see Outsourced Chief Investment Officer (“OCIO”) firms claim compliance with the Global Investment Performance Standards (GIPS®). Today, 38% of the top 50 OCIO firms by AUM claim compliance1. That is an 8% increase from 2020 to 2021 and the percentage is expected to grow by at least 10% from 2021 to 2022. In this article we look at the two main drivers behind OCIO firms ramping up quickly to claim compliance with GIPS.

Article
  • Performance
  • SEC Advertising Rule
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A Guide to the Presentation of Performance Under the New Marketing Rule

In this guide we talk about changes and how firms can prepare to present performance in line with the new rule and actions they can take now in preparation for the final compliance date set for November 4, 2022.

Report
  • Performance
  • SEC Advertising Rule
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SEC Fines Registered Investment Adviser for Misrepresentation of Investment Performance and Marketing Violations

On June 3, 2021, the U.S. Securities and Exchange Commission (SEC) instituted a cease-and-desist order against a previously registered investment adviser for alleged violations.

Compliance Alert
  • Performance
  • SEC Advertising Rule
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Mitigating Risks Associated with Composite Performance Reporting Using ACA’s Performance Analytics Services

In addition to developing marketing materials and ensuring appropriate disclosures, firms must ensure that the performance being generated truly reflects the fund or strategy being offered.

Article
  • Performance
  • SEC Advertising Rule

New Marketing Rule - SEC Staff Confirms All or None Early Adoption Approach

The SEC issued an FAQ officially confirming what has been informally communicated by Division of Investment Management staff, which is that investment advisers may not implement the new Marketing Rule until they are prepared to comply with it in its entirety. Note that this includes both the rules around traditional advertisements and the new requirements for solicitation arrangements.

Compliance Alert
  • SEC Advertising Rule