We have a super-sized episode for you today, and it’s different from our usual fare in more than just length. Last week, I invited Fizza Khan - CEO of Silver Regulatory Associates; Mike Fitzgerald – Managing Director and Global Head of Cap Intro at TD Cowen; and Malhar Oza – Senior Associate at CFM to join me for an in-person event discussing the SEC’s marketing rule. This episode is a lightly edited recording of that conversation.

Key Points From This Episode:

• The new marketing rule consolidates two prior SEC rules and myriad SEC guidance from multiple decades.
• The new rule has been in full force and effect for six months, and managers have many questions about how to comply.
• The final rule release is 430 pages long, and if it could be distilled down into two words, they would be: “don’t mislead”.
• Why exempt advisers should comply with it too, even though it only technically applies to registered investment advisers.
• Social media considerations for fund managers.
• Why you need to net fees and expenses out of performance results in marketing materials.
• Issues around substantiation.

Disclaimer:

This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/

Links Mentioned in Today’s Episode:

Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/

Fizza Khan - https://www.linkedin.com/in/fizzakhan1/

Mike Fitzgerald - https://www.linkedin.com/in/michael-fitzgerald-bb2b4572/

Malhar Oza - https://www.linkedin.com/in/malharoza/

Cole-Frieman & Mallon LLP - https://colefrieman.com/

Music by Joe Ginsberg - https://www.instagram.com/thejoeginsberg

For any questions or comments, email: [email protected]