The Securities and Exchange Commission finally published the new Marketing Rule for investment advisers. Based on the publication date, it becomes effective on May 4. The compliance date is November 4, 2022. A frequently asked question is whether you can slowly wade into the standards of the new rule or do you have to do a full belly-flop.
Apparently, that question has become frequent enough that the SEC published a response. The answer is the full belly-flop.
“An adviser may choose to comply with the amended marketing rule in its entirety any time starting on the effective date, May 4th, 2021. Until an adviser transitions to the amended marketing rule, the adviser would continue to comply with the previous advertising and cash solicitation rules and look to the staff’s positions under those rules. The staff believes an adviser may not cease complying with the previous advertising rule and instead comply with the amended marketing rule but still rely on the previous cash solicitation rule. “
https://www.sec.gov/investment/marketing-faq
- Marketing Compliance Frequently Asked Questions
- Investment Adviser Marketing Rule
- Investment Adviser Marketing Rule Finally Published
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