SEC Staff Issues New Investment Adviser Marketing Rule FAQ

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January 13, 2023

TO: ICI Members SUBJECTS: Advertising
Compliance
Disclosure
Fund Accounting & Financial Reporting
Investment Advisers RE: SEC Staff Issues New Investment Adviser Marketing Rule FAQ

 

On January 11, 2023, the Securities and Exchange Commission Division of Investment Management staff issued a new FAQ regarding the presentation of gross and net performance of a single investment or a group of investments in a private fund under the Investment Adviser Marketing Rule.[i] The FAQ represents the views of the SEC staff and is not a rule, regulation, or statement of the Commission. 

The new FAQ joins two previously issued Marketing Rule FAQs, which cover topics related to the compliance date and the use of interim performance information in advertisements immediately following a calendar year-end.

 

Erica Evans
Assistant General Counsel
 

Notes

[i] The Marketing Rule FAQs are available at: https://www.sec.gov/investment/marketing-faq?utm_source=ALL+Contact+List&utm_campaign=0d2182e082-s-p-ocie-risk-alert_COPY_01&utm_medium=email&utm_term=0_d67232ec7d-0d2182e082-244792997&ct=t(s-p-ocie-risk-alert_COPY_01).