On September 14, 2017, the staff of the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a National Examination Program Risk Alert on the most frequent advertising rule compliance issues identified in OCIE examinations of investment advisers. This Risk Alert reflected issues identified in deficiency letters generated in the course of over 1,000 adviser examinations conducted by OCIE staff. Among other things, the issues pertain to advertising of past performance results and use of accolades in marketing materials under the Advertising Rule of the Investment Advisers Act.
Proskauer published a client alert summarizing this Risk Alert, which may be read here.
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