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ARTICLE · 16 OCTOBER 2023

Marketing Rule Update: Recent Risk Alert And SEC Orders

Linklaters LLP
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The Marketing Rule has been in effect since November 4, 2022, and it continues to raise difficult and nuanced interpretive issues for RIAs concerning their advertising materials and client solicitation arrangements.

United StatesMedia, Telecoms, IT, Entertainment
Zila Acosta Grimes
Zila Acosta Grimes
Brad Caswell
Brad Caswell
Christopher Costello
Christopher Costello
Timothy Foley
Timothy Foley
Tanin Kazemi
Tanin Kazemi
Andrew Lewis
Andrew Lewis
Stephanie Odigie
Stephanie Odigie
Maria Vaz Ferreira
Maria Vaz Ferreira
Don Waack
Don Waack
+1 more

The Marketing Rule has been in effect since November 4, 2022, and it continues to raise difficult and nuanced interpretive issues for RIAs concerning their advertising materials and client solicitation arrangements. On June 8, 2023, the SEC EXAMS Staff issued its first Risk Alert following the Marketing Rule's effective date. The Risk Alert supplements previous guidance and, along with several recent SEC orders charging RIAs with Marketing Rule violations, serves as a reminder that the SEC is squarely focused on Marketing Rule compliance.

Risk Alert

Testimonials and Endorsements

The SEC's Division of Examinations ("EXAMS") Staff Risk Alert focuses on certain high-level issues regarding testimonials1 and endorsements,2 serving as a clear reminder that the SEC remains focused on this nuanced area of the Marketing Rule even as it continues to cause substantial industry confusion. Testimonials and endorsements are considered advertisements subject to all of the

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