New SEC Advertising and Solicitation Rules for Investment Advisers
Expanded Definition of Advertising, Increased Scrutiny of Third-Party Solicitation, New Recordkeeping Requirements
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will analyze the SEC's proposed changes to Rules 206(4)-1 (the Advertising Rule) and 206(4)-3 (the Solicitation Rule) of the Investment Advisers Act of 1940. The panel will also discuss the changes investment advisers will need to put in place to comply with the new rules and the time frame for implementation.
- Proposed amendments to Advertising Rule
- The revised definition of advertisement
- General prohibitions on advertising practices
- Testimonials, endorsements, and third-party ratings
- Performance advertising
- Review and approval of advertisements
- Amendments to Form ADV
- Proposed changes to Solicitation Rule
- Solicitation of existing and prospective investors
- Expanding the Solicitation Rule to address all forms of compensation
- Solicitor disclosure
- Proposed amendments to Books and Records Rule
- Considerations for investment advisers
The panel will review these and other key issues:
- What types of communications would be deemed "advertisements" under the proposed rule?
- How does the new principles-based approach differ from the previous rule regarding prohibited practices?
- In what ways does the new cash Solicitation Rule promote improved compliance and investor protection?
- What changes have been made to solicitor compensation rules?
Kay A. Gordon
Nelson Mullins Riley & Scarborough
Ms. Gordon counsels clients on hedge fund, funds-of-fund, private equity fund, real estate fund, venture funds, and... | Read More
Ms. Gordon counsels clients on hedge fund, funds-of-fund, private equity fund, real estate fund, venture funds, and compliance-related matters involving registered advisers and broker-dealers. She also advises clients on a broad range of securities and regulatory matters as well as a variety of financial instruments and transactions, including managed accounts, credit facilities, joint ventures, and derivative instruments. Ms. Gordon closely with strategic, institutional, and seed investors and also represents clients in investigations by the SEC and other regulators.Close
Dorothy D. Mehta
Cadwalader Wickersham & Taft
Ms. Mehta is a partner in the firm’s Financial Services Group and a leader in its Investment Management Practice.... | Read More
Ms. Mehta is a partner in the firm’s Financial Services Group and a leader in its Investment Management Practice. Her client base includes U.S. and non-U.S. investment advisers to hedge funds, private equity funds and managed accounts, commodity pool operators, commodity trading advisors and family offices. Ms. Mehta has extensive experience in the structuring, formation and operation (domestically and on a cross-border basis) of a variety of alternative investments products, including U.S. and non-U.S. hedge funds, private equity funds, hybrid funds, funds-of-funds, and commodity pools (both privately- and publicly-offered), and the establishment of separately managed account arrangements.Close
Kevin P. Scanlan
Kramer Levin Naftalis & Frankel
Mr. Scanlan advises clients on structuring, forming and investing in international and domestic private investment... | Read More
Mr. Scanlan advises clients on structuring, forming and investing in international and domestic private investment funds, including hedge funds, private equity funds, real estate funds, venture capital funds and fund-of-funds. In addition, he advises funds in connection with their subsequent investment activities. He represents large, well-established funds and managers as well as first-time funds of high-quality emerging managers.Close