SEC Likely to Adopt New Advertising Rules for Investment Advisers

On Wednesday, December 16, 2020 at 10:00 am, it is looking highly like that the U.S. Securities and Exchange Commission will adopt amendments to the advertising rules under the Investment Advisers Act of 1940.

If you are interested, here is a link to the notice announcing the meeting (and the likely vote). The hearing will be available by webcast on the Commission’s website at I will be tuning in and live tweeting @advisercounsel.

My predictions:

1. We will see a new principles-based rule governing advertisements.
2. We will see the approval of testimonials and endorsements.
3. All communications, not just written communications, will be treated as advertisements. The rule will apply equally to podcasts, videos, TikTok, and more.

Assuming the rule is approved, I will be blogging about what it means for investment advisers, investment adviser representatives, registered fund managers, marketers, web developers, and public relation firms shortly thereafter. If there are any specific angles you are interested in hearing about, feel free to reach out in the meantime.

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