On December 22, 2020, the US Securities and Exchange Commission (SEC) adopted amendments under the Investment Advisers Act of 1940, as amended (Advisers Act) to replace the governing advertising and cash solicitation rules, as well as to amend Form ADV and the books and record rule under the Advisers Act. The bulk of the 430-page SEC release is dedicated to the modernization of the 1961 advertising rule (Rule 206(4)-1) and the 1979 cash solicitation rule (Rule 206(4)-3), both of which will be combined under the revised Rule 206(4)-1 (Marketing Rule). However, the fate of the Marketing Rule is unclear under the new administration and a new SEC chair. This Legal Update provides further detail on the rule and discusses what may happen with it going forward.

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