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Final Rule: Investment Adviser Marketing

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Final Rule: 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- [email protected], Investment Adviser Regulation Office, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-8549. SUPPLEMENTARY INFORMATION: The Commission is adopting amendments to 17 CFR 275.206(4)-1 (rule 206(4)-1) and 17 CFR 275.204-2 (rule 204-2) under the Investment Advisers Act of 1940 [15 U.S.C. 80b-1 et seq.], 1 and amendments to 17 CFR 279.1 (Form ADV) under the Advisers Act. The Commission is rescinding 17 CFR 275.206(4)-3 (rule 206(4)-3) under the Advisers Act. 1 Unless otherwise noted, when we refer to the Advisers Act, or any section of the Advisers Act, we are referring to 15 U.S.C. 80b, at which the Advisers Act is codified. When we refer to rules under the Advisers Act, or any section of those rules, we are referring to title 17, part 275 of the Code of Federal Regulations [17 CFR part 275], in which these rules are published. 2 TABLE OF CONTENTS I. INTRODUCTION .................................................................................................................... 6 Advertising and Solicitation Rules and Proposed Amendments .................................. 7 Merged Marketing Rule ................................................................................................. 12 II. DISCUSSION ....................................................................................................................... 14 A. Scope of the Rule: Definition of “Advertisement” .......................................... 14 1. Overview .................................................................................................. 14 2. Definition of Advertisement: Communications Other than Compensated Testimonials and Endorsements .............................................................. 15 3. Definition of Advertisement: Compensated Testimonials and Endorsements, Including Solicitations .................................................... 43 4. Investors in Private Funds ...................................................................... 58 B. General Prohibitions ........................................................................................... 64 1. Untrue Statements and Omissions ........................................................... 67 2. Unsubstantiated Material Statements of Fact ......................................... 69 3. Untrue or Misleading Implications or Inferences ................................... 71 4. Failure to Provide Fair and Balanced Treatment of Material Risks or Material Limitations ................................................................................ 74 5. Anti-Cherry Picking Provisions: References to Specific Investment Advice and Presentation of Performance Results ................................... 78 6. Otherwise Materially Misleading ............................................................ 84 C. Conditions Applicable to Testimonials and Endorsements, Including Solicitations .......................................................................................................... 85 1. Overview .................................................................................................. 85 2. Required Disclosures .............................................................................. 86 3. Adviser Oversight and Compliance ....................................................... 109 4. Disqualification for Persons Who Have Engaged in Misconduct ......... 113 5. Exemptions ............................................................................................ 135 D. Third Party Ratings .......................................................................................... 158 E. Performance Advertising ................................................................................. 163 1. Net Performance Requirement; Elimination of Proposed Schedule of Fees Requirement .................................................................................. 165 2. Prescribed Time Periods ....................................................................... 180 3. Statements about Commission Approval ............................................... 184 3 4. Related Performance ............................................................................. 186 5. Extracted Performance .......................................................................... 195 6. Hypothetical Performance .................................................................... 200 F. Portability of Performance, Testimonials, Endorsements, Third-Party Ratings, and Specific Investment Advice ........................................................ 227 G. Review and Approval of Advertisements ....................................................... 237 H. Amendments to Form ADV ............................................................................. 241 I. Recordkeeping ................................................................................................... 244 J. Existing Staff No-Action Letters...................................................................... 250 K. Transition Period and Compliance Date ........................................................ 252 III. ECONOMIC ANALYSIS ...................................................................................................... 253 A. Introduction ....................................................................................................... 253 B. Broad Economic Considerations ..................................................................... 256 C. Baseline .............................................................................................................. 262 1. Market for Investment Advisers for the Advertising Rule ..................... 262 2. Market for Solicitation Activity ............................................................. 271 3. RIA Clients ............................................................................................ 274 D. Costs and Benefits of the Final Rule and Form Amendments ...................... 277 1. Quantitative Estimates of Costs and Benefits ........................................ 278 2. Definition of Advertisement ................................................................... 280 3. General Prohibitions ............................................................................. 291 4. Conditions Applicable to Testimonials and Endorsements, Including Solicitations ........................................................................................... 299 5. Third-Party Ratings ............................................................................... 313 6. Performance Advertising ....................................................................... 316 7. Amendments to Form ADV .................................................................... 328 8. Recordkeeping ....................................................................................... 330 E. Efficiency, Competition, Capital Formation .................................................. 333 1. Efficiency ............................................................................................... 334 2. Competition ........................................................................................... 337 3. Capital Formation ................................................................................. 339 F. Reasonable Alternatives ................................................................................... 340 1. Reduce or Eliminate Specific Limitations on Investment Adviser Advertisements ....................................................................................... 340 2. Bifurcate Some Requirements ............................................................... 343 4 3. Hypothetical Performance Alternatives ................................................ 344 4. Alternatives to the Combined Marketing Rule ...................................... 345 5. Alternatives to Disqualification Provisions .......................................... 346 IV. PAPERWORK REDUCTION ACT ANALYSIS ........................................................................ 347 A.
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