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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this...
For Investment Advisors - SEC Withdraws Several No-Action Letters Related to Marketing Rule. On December 22, 2020, the SEC adopted amended Rule 206(4)-1 under the...
To embed, copy and paste the code into your website or blog: On December 22, 2020, the Securities and Exchange Commission (SEC) released an amended, “modernized” Rule 206(4)-1 of the Investment Adviser’s Act of 1940 (the “Marketing Rule”) citing advancements in technology, changes in investors’ expectations, and the diversification of the investment advisory industry. It has been forty years since the Marketing Rule was substantially amended. Much has changed since 1980. Although the amended Marketing Rule contains a number of revisions to its many parts, perhaps the most impactfu...