Sources assert this is an SEC enforcement letter that went to a broker-dealer in the agency's investigation of the business use of e-commmunications channels
The "staff, pursuant to the exemptive orders, requests that, in digital advertisements, non-transparent ETFs use either the text and formatting of the Risk Legend as ...
IA "numbers have grown significantly in the last five years. Registered investment advisers grew by 22 percent—to about 15,000, up from approximately 12,500 in 2017. ...