SEC Modernizes Advertising Rule
Last month, the SEC voted to adopt new Rule 206(4)-1 (“Advertising Rule” or “Rule”) under the Advisers Act, which updated the Rule and merged it with the Cash Solicitation Rule, 206(4)-3. This effectively rescinded Rule 206(4)-3. The new Rule is principle-based and replaces many of the SEC No-Action Letters that the industry has relied upon…
