On December 22, 2020, the Securities and Exchange Commission adopted the new Marketing Rule (amended Rule 206(4)-1) under the Investment Advisers Act that will replace both the current advertising and cash solicitation rules and will govern investment adviser marketing. Since it’s a complete re-write of investment adviser marketing, most, if not all, of the staff guidance, no-action letters and other publications are likely inapplicable. The SEC said it would be evaluating them and withdrawing them as appropriate.
The Division of Investment Management has made that announcement: Division of Investment Management Staff Statement Regarding Withdrawal and Modification of Staff Letters Related to Rulemaking on Investment Adviser Marketing (PDF)
The big ones are in there. Clover Capital Management, DALBAR, and Franklin Management. The staff also withdrew the 2014 Guidance on the Testimonial Rule and Social Media. There are over 200 items withdrawn.
What leaves me scratching my head is whether any of the past guidance was not withdrawn. Is there something still sticking around? It will take a bunch of research to figure that out. The IM Information update says that “certain” staff statements around the old advertising rule are being withdrawn. Not “all” statements. It might have been useful for the SEC to point out any guidance that was not withdrawn.
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