Truth in Advertising: What Does a New SEC Marketing Rule Mean for Fund Sponsors?

The Securities and Exchange Commission (SEC) recently adopted a new marketing rule that will significantly impact the advertising and solicitation practices of SEC-registered investment advisers (RIAs) that sponsor private funds. The new marketing rule replaces the existing “advertising rule” and “cash solicitation rule” that apply to RIAs under the Advisers Act. This practice note identifies the main benefits and burdens of the new rule, providing an in-depth analysis of what the rule will mean for fund sponsors and an examination of how the rule will affect sponsors’ fundraising and related activities.

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