Regulation of Investment Adviser Marketing

Summary

Investment adviser communications with the public are subject to a number of requirements under the federal securities laws. The U.S. Securities and Exchange Commission (SEC) has emphasized the review of investment adviser marketing as a key examination priority and has expanded enforcement activity against advisers for failing to comply with marketing requirements. This practice note provides an overview of the laws and regulations governing investment adviser marketing under the Investment Advisers Act of 1940, as amended (Advisers Act) and offers practical recommendations to assist attorneys in providing appropriate guidance to their adviser clients.