Rule 206(4)-1 under the Investment Advisers Act of 1940 prohibits any investment adviser (“IA”) from directly or indirectly publishing, circulating or distributing any advertisement that: (i) contains or refers to a testimonial regarding the IA or past recommendations of such … Read More
As reported in this prior post, efforts to eliminate the prohibition on general advertising and solicitation in Rule 506 of Regulation D have recently gained momentum at the federal level. The states appear to be following suit by proposing new … Read More
Recognizing the rapid growth of the use of social media in the securities industry, the SEC recently released a Risk Alert on the use of social media by investment advisers highlighting concerns that may arise from the use of social … Read More
The SEC recently published Release No. 34-64984, concerning a FINRA proposal to adopt FINRA Rules 2210 and 2212 through 2216 governing communications by member firms. Currently, NASD Rules 2210 and 2211, and the related interpretive materials, generally govern all FINRA … Read More
For firms that claim compliance with the Global Investment Performance Standards (GIPS), the 2010 edition of the GIPS standards must be adhered to when presenting a performance for periods after December 31, 2010. This means that come April, when many … Read More