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SEC Registered Firms Must Comply With New Marketing Rule By November 4, 2022

By Robert R. Boeche, Partner and Robert D. Conca, Partner of Shustak Reynolds & Partners, P.C. posted on Thursday, August 25, 2022.

As you know, in 2021, the SEC’s new Marketing Rule became effective with an outside compliance date of November 4, 2022.[1]

The new Marketing Rule contains numerous updates to the rules relating to how SEC registered investment advisers (“RIAs”) will need to conduct marketing and advertising activities. Some of the changes include, among others, a new definition of “Advertisement,” fundamental changes to the obligations of third parties that promote or endorse an RIA’s business, elimination of the Cash Solicitation Rule (previously codified as 206(4)-3 of the Investment Advisers Act of 1940), new provisions specifically relating to private funds, and materially revising the restrictions relating to RIA performance advertising and client testimonials.

The new Marketing Rule’s updates are significant and will require all SEC RIAs to (i) update numerous areas of their policies and procedures, (ii) determine whether marketing materials need to be updated, (iii) modify solicitation practices and revise existing solicitation agreements, and (iv) make new or additional disclosures in Form ADV, the firm’s website, and other marketing materials.

We can assist with developing updates for inclusion in your Compliance Manual/Policies and Procedures, and any necessary revisions to marketing materials and/or promoter contracts.

If you would like to discuss what steps are needed to bring your compliance program in line with the requirements of the new Marketing Rule by November 4th, please let us know a good time to discuss.


Shustak Reynolds & Partners, P.C. focuses its practice on securities and financial services law and complex business disputes.
We represent many broker-dealers, registered representatives, investment advisors, investors and businesses.
Our regulatory Partners can be reached in the firm’s San Diego office at:

Robert Boeche, Esq.                   Robert Conca, Esq.
Partner                                        Partner
Phone: (619) 546-5502                 Phone: (619) 546-5589
Email: [email protected]         Email: [email protected]




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