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Compliance and Regulatory Alerts  |  06-16-23

Investment Adviser New Marketing Rule Examinations Focus on Additional Areas

The Securities and Exchange Commission (SEC) issued a new risk alert on June 8, 2023. Exams Division staff re-emphasized their initial areas of review:

  • Policies and procedures
  • Substantiation requirement
  • Performance advertising requirements
  • Books and records

In addition to their continuing review of compliance with the General Prohibitions, the staff will now also be reviewing additional Marketing Rule areas of emphasis, including:

  • Testimonials and Endorsements
  • Third-Party Ratings 
  • Form ADV

Have you reviewed your disclosures, oversight, agreements, and eligible persons related to your promoter activities? Have you reviewed your rating’s disclosures and conditions? Have you accurately responded to your firm’s ADV questions? Bates can help confirm your answers. 

Bates Investment Adviser Marketing Rule Support and Training:

The Bates Compliance team, made up of senior compliance staff and former regulators, addresses investment adviser concerns and supports efforts to conform oversight, recordkeeping and disclosure requirements of the new rule. We review materials for compliance with the rule and assist in the development of marketing/advertising policies, procedures, supervisory and compliance processes, and best practices. We also offer IAR CE training on the new rule for individuals and teams. Contact us today to learn more.