In connection with Securities and Exchange Commission’s new Marketing Rule, I’m expecting the SEC to withdraw a bunch of the no-action letters that address advertising by registered investment advisers. For example, the Clover no-action letter doesn’t seem to fit with the new Marketing Rule and will likely have to be withdrawn to avoid confusion.
The release for the Marketing Rule stated so.
Additionally, pursuant to the staff’s review, the staff will be withdrawing the staff’s remaining no-action letters and other staff guidance, or portions thereof, as of the compliance date of the final rules. [832]
https://www.federalregister.gov/d/2020-28868/p-1389
That footnote 832 said: “A list of the letters to be withdrawn will be available on the Commission’s website.“
That website now exists: https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements
Or maybe it already existed and I never noticed that page on the SEC’s website before before. It looks new to me and the vast majority of the withdrawal dates are from the past year and moving forward.
However, there are no withdrawal notices for investment adviser marketing yet. I assume there will be a bigger announcement when it happens.
Sources: