On December 22, the SEC adopted amendments to modernize and combine the existing advertising and cash solicitation rules for advisers registered or required to be registered with the SEC. Among many other things, the amendments: Streamline the advertising and cash solicitation requirements under the newly named “Investment Adviser Marketing Rule” (numerous long-standing no-action letters will be withdrawn); Replace the four per se prohibitions of the advertising rule with seven general prohibitions based on historic anti-fraud principles (but also includes specific requirements as to disclosure, diligence, policy and oversight); Set forth numerous new definitions, including a new two-prong definition of “advertisement” that: