Seward & Kissel’s Marketing Rule Snapshot Report

June 4, 2024

The SEC’s adoption of the new Marketing Rule in December 2020 was an important development that was largely expected to have a significant impact on how SEC-registered investment advisers advertise their advisory services. To understand the impact, we surveyed more than 120 investment advisers following the one-year anniversary of the Marketing Rule’s November 2022 compliance date. The survey respondents included advisers to separately managed accounts (“SMA advisers”) for both institutions and individuals, closed-end funds, specifically private equity and private credit funds, hedge funds, and registered funds (mutual funds). The Report will address the survey’s key findings in the following areas:

  • Most Affected Areas of Marketing
  • Presentation of Performance Advertising
    • Gross vs. Net Performance
    • Extracted Performance
    • Related Performance
    •  Hypothetical Performance
  • Specific Investment Advice
  • Investor Letters
    • Social Media
  •  Time Spent on Compliance with the Rule

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