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Investment Adviser Advertising Rule: New SEC Guidance and Best Practices for Compliance

Recording of a 90-minute premium CLE webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, November 21, 2017

Recorded event now available

or call 1-800-926-7926

This CLE course will examine Rule 206(4)-1 of the Investment Advisers Act of 1940 (the Advertising Rule) and key issues recently identified by the SEC’s Office of Compliance Inspections and Examinations (OCIE) in its examination of investment adviser marketing practices. The panel will discuss advertising and promotional practices to avoid and the potential consequences for noncompliance.


OCIE issued a new Risk Alert Sept. 14, 2017, outlining the most frequent compliance issues relating to the Advertising Rule. The Risk Alert summarizes several key deficiencies regarding disclosures when investment advisers promote rankings, identify professional designations, or provide misleading performance and other information in their marketing efforts.

The SEC and state regulators often focus examinations on an investment adviser’s marketing of its services. A finding of deficiency can be costly for the investment adviser, including potential criminal penalties, civil actions by investors, and a negative impact on business.

The Risk Alert puts advisers on notice to closely examine disclosures to clients to avoid violating the Advertising Rule. Counsel must understand the Rule and the latest SEC guidance to guide investment adviser clients in this process.

Listen as our authoritative panel examines the Advertising Rule and best practices for compliance by investment advisers in light of the recent Risk Alert. The panel will also provide practical advice on how an investment adviser should respond to a deficiency letter from OCIE.



  1. Rule 206(4)-1 of the Investment Advisers Act of 1940 (the Advertising Rule)
    1. Activities covered—print, audio, video, in person
    2. Penalties for noncompliance
  2. Compliance issues identified in the OCIE’s Risk Alert
    1. Misleading use of third-party rankings or awards
    2. Misleading use of professional designations
    3. Misleading performance results
    4. Misleading one-on-one presentations
    5. Misleading claims of compliance with voluntary performance standards
    6. Other
  3. Best compliance practices


The panel will review these and other key issues:

  • What are the underlying tenents of the Advertising Rule and why is it an enforcement priority for the SEC?
  • What types of marketing deficiencies were repeatedly identified in the OCEI’s recent Risk Alert?
  • What kinds of policies and procedures should an investment adviser put in place to ensure compliance with the Advertising Rule?


Renetzky, Michael
Michael K. Renetzky

Locke Lord

Mr. Renetzky's practice focuses on investment management, securities and corporate law. He has considerable...  |  Read More

Bohac, Tom
Tom Bohac

Locke Lord

Mr. Bohac’s practice focuses on securities, investment management, and corporate law. He has experience...  |  Read More

Kutner, Matthew
Matthew J. Kutner

Shearman & Sterling

Mr. Kutner advises investment companies, including open-end, exchange-traded funds and unit investment trusts,...  |  Read More

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