January 16, 2022

Volume XII, Number 16

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January 15, 2022

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January 14, 2022

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SEC Staff Issues Update Regarding Withdrawal and Modification of Staff Letters Relating to New Adviser Marketing Rule

On October 29, 2021, the staff of the SEC’s Division of Investment Management issued an information update identifying the staff letters that have been withdrawn or modified by the new “Marketing Rule” under the Investment Advisers Act of 1940. The Marketing Rule overhauls the traditional Advertising Rule under Rule 206(4)-1 and the Cash Solicitation Rule under Rule 206(4)-3 and consolidates each under a single new rule. The Marketing Rule, adopted in December 2020, represents a significant change to how investment advisers can market themselves and their products. Attorneys in Vedder Price’s Investment Services Group have prepared a detailed summary of the Marketing Rule, which is available here.

The staff’s information update confirms that investment advisers will no longer be able to rely upon the provisions of the withdrawn letters and will need to ensure compliance with the provisions of the modified letters, as applicable, by the Marketing Rule’s November 4, 2022 compliance date.

The SEC staff’s information update and list of withdrawn and modified letters is available here.

© 2022 Vedder PriceNational Law Review, Volume XI, Number 323
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About this Author

John Marten Investment Attorney Vedder Price Law FIrm
Shareholder

John S. Marten, a Shareholder in the Chicago office of Vedder Price, has substantial experience representing clients in the investment management industry.

As a member of the firm’s Investment Services group, Mr. Marten counsels clients on a wide variety of matters involving the application of the federal securities laws to investment companies, investment advisers and broker-dealers. He has significant experience counseling investment company clients with respect to new products and was recently involved in the creation of two mutual funds...

(312) 609 7753
Nathaniel Segal Investment Attorney Vedder Price Law Firm
Counsel

Nathaniel Segal is counsel at Vedder Price and a member of the Investment Services group. He focuses his practice on investment companies and investment advisers in connection with the organization and operation of investment products and services, including traditional mutual funds, closed-end investment companies (including interval funds and listed closed-end funds), variable insurance products and registered hedge funds, as well as mutual funds utilizing complex hedging and absolute return strategies. Mr. Segal has experience in conducting transactional due diligence...

(312) 609 7747
Jacob Tiedt,Vedder Price law firm investment services attorney
Shareholder

Jacob C. Tiedt is a Shareholder at Vedder Price and a member of the Investment Services group.

Mr. Tiedt’s practice includes the representation of registered mutual funds, closed-end funds and exchange-traded funds; private funds; investment advisers; and other financial institutions on a broad range of regulatory, governance and compliance matters. Mr. Tiedt regularly counsels clients on matters relating to SEC registration, disclosure and compliance; shareholder solicitation; NYSE, Nasdaq and FINRA regulation; corporate governance; and board administration. Mr....

312-609-7697
Tyrique Wilson Investment Attorney Vedder Price Law Firm
Associate

Tyrique J. Wilson is an Associate in the Chicago office of Vedder Price and a member of the firm’s Investment Services group.

Mr. Wilson received his law degree from the Washington University School of Law in St. Louis and his undergraduate degree from The George Washington University. While in law school, Mr. Wilson was Treasurer of the Black Law Students Association, received an award for Excellence in Oral Advocacy and earned a Certificate in Business Law.

312-609-7689
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