SEC IA Ad Rule

Close-up stock photograph showing a touchscreen monitor being used in an open plan office. A woman’s hand is asking an AI chatbot pre-typed questions & the Artificial Intelligence website is answering

Adviser settles SEC charges of misleading AI claims

The adviser was also unable to substantiate performance claims, failed to disclose material conflicts of interest related to advertised testimonials and failed to implement certain of its compliance policies and procedures related to marketing

Former adviser fined for marketing compliance failures around tied to AI

Delphia failed to lay out a clear advertising review and approval process, either in its policies and procedures or otherwise, that would enable its personnel and consultants to understand their respective roles and responsibilities in that process

New SEC marketing guidance frustrates

New guidance raises more questions than answers, will 'ruin someone's two months,' compliance consultant says

New SEC IA ad FAQs: Calculating IRR

It’s been more than one year but SEC staff have released new FAQs tied to the IA advertising rule and they caution that net and gross performance returns must be “calculated over the same time period and using the same type of return and methodology”

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A new SEC investment adviser advertising rule is now in place. The new rule opens the gates to a wider use of social media by advisers, permits the use of testimonials and endorsements, sets requirements around disclosures and establishes standards when using performance or hypothetical advertising, among other changes. The new rule affects private fund advisers as well. This editorial tent-pole collects in one place all that you’ll need to comply with the new rule.

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