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The New SEC Investment Adviser Marketing Rule – What to Know

The SEC’s much anticipated advertising and solicitation rule changes reflected in the new adviser marketing rule. This panel discussed the definition of advertisement, explored issues raised with revised antifraud obligations, discussed changes to solicitation and cash referral, general disclosure and use of testimonials and new standards for reflection of performance.


Feb 09 2021


  • Blake Estes
    Blake Estes
    Partner, Alston & Bird LLP

    Blake Estes is a partner in the Financial Services & Products Group in Alston & Bird’s New York office. Blake centers his practice on alternative investment funds and FinTech projects. Blake guides asset managers and broker-dealers through all aspects of the development and distribution of alternative investment funds, focusing on product structuring, compliance, operations, and fundraising within complex regulatory frameworks. Blake also provides essential legal and commercial guidance to operators of FinTech projects, including technology platforms for managing alternative investments, digital asset exchanges, tokenized platforms, and project investors. Blake is recognized by The Best Lawyers in America© for his work in FinTech and is co-leader of Alston & Bird’s Blockchain & Distributed Ledger Technology Team.

  • Kristin Rice-Gonzalez
    Kristin Rice-Gonzalez
    Partner, Baker McKenzie LLP

    Kristin Rice-Gonzalez is a partner in the Chicago office and is experienced in fund review and formation, mergers and acquisitions, investment adviser compliance and general corporate law, with an emphasis on real estate, secondary transactions and fund-of-funds. Kristin focuses her practice on alternative investment fund matters, advising clients on the structuring and formation of, and investment in, international and domestic private investment funds, including private equity funds, and fund-of-funds. She also advises clients in connection with their investment activities and legal issues, including issues concerning FINRA regulations, the Investment Advisers Act of 1940 and the Investment Company Act of 1940. Ms. Rice-Gonzalez has represented well-known investors in international and domestic private funds and fund-of-funds. She has also represented domestic and foreign broker dealers and investment advisers in filings before the SEC and FINRA.

  • Robert Plaze
    Robert Plaze
    Partner, Proskauer Rose LLP

    Bob is a partner in the Registered Funds and Private Funds Groups. He advises investment advisers, investment companies, hedge funds, private equity funds and their service providers on regulatory and compliance issues under the federal securities laws. Before entering private practice Bob served nearly 30 years in the SEC’s Division of Investment Management, most recently as Deputy Director of the Division.

  • Valerie Mirko
    Valerie Mirko
    Partner & Co-leader Securities Regulation & Litigation Practic, Armstrong Teasdale