Investment Adviser Marketing

Conformed to Federal Register Version
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 275 and 279
[Release No. IA-5653; File No. S7-21-19]
RIN: 3235-AM08
Investment Adviser Marketing
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
SUMMARY: The Securities and Exchange Commission (the “Commission” or the “SEC”) is adopting amendments under the Investment Advisers Act of 1940 (the “Advisers Act” or the “Act”) to update rules that govern investment adviser marketing. The amendments will create a merged rule that will replace both the current advertising and cash solicitation rules. These amendments reflect market developments and regulatory changes since the advertising rule’s adoption in 1961 and the cash solicitation rule’s adoption in 1979. The Commission is also adopting amendments to Form ADV to provide the Commission with additional information about advisers’ marketing practices. Finally, the Commission is adopting amendments to the books and records rule under the Advisers Act. DATES: Effective date: This rule is effective May 4, 2021. Compliance dates: The applicable compliance dates are discussed in section II.K. FOR FURTHER INFORMATION CONTACT: Juliet Han, Emily Rowland, Aaron Russ, or Christine Schleppegrell, Senior Counsels; Thoreau Bartmann or Melissa Roverts Harke, Senior Special Counsels; or Melissa Gainor, Assistant Director, at (202) 551-6787 or IM-