How Will the SEC’s Proposed Advertising Rule Affect Your Business?

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Recently, the SEC proposed amendments to modernize Investment Advisers Act rules addressing advertisements by investment advisers. The proposed amendments are intended to update these rules to reflect changes in technology, the expectations of investors seeking advisory services, and the evolution of industry practices. If these changes go into effect, they will have vast impacts on many different types of financial services industry players.

Michael S. Caccese and Michael W. McGrath of K&L Gates LLP and Todd Juillerat of The Spaulding Group discuss the impacts that the new rules will have. They cover the following highlights of the proposed changes:

• Rules-Based Versus Principles-Based Provisions
• Differentiation Between "Retail" and "Non-Retail" Advertisements
• Additional Proposed Requirements for Presentation of Performance Within Advertisements

• Michael S. Caccese, Chairman of the Management Committee and Practice Area Leader - Asset Management and Investment Funds, K&L Gates LLP
• Todd Juillerat, Senior Vice President, The Spaulding Group
• Michael W. McGrath, Partner, K&L Gates LLP