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The SEC’s Amended Marketing Rule Part 2: Endorsements, Testimonials and Referrals

In the second part of our series, Jennifer Connors and Valerie Mirko, partners at Baker McKenzie LLP, examined the impact of the amendments on investment advisers’ solicitor and referral relationships, including the Marketing Rule’s new testimonials and endorsements framework.

Topics Included:

  • The new Marketing Rule’s second prong focusing on testimonials and endorsements
  • How the original Cash Solicitation Rule applied to a subset of solicitation and referral relationships and how the Marketing Rule greatly expands application beyond this subset
  • Practical implementation considerations to come into compliance with the testimonials and endorsements requirements for the new Marketing Rule
  • Discussion of state solicitation rules and impact of Marketing Rule on analysis and application of state requirements.
  • Issues of special importance to advisers providing advice with respect to alternative investments

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Date

Apr 14 2022
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Speakers

  • Jennifer Connors
    Jennifer Connors
    Partner, Baker & McKenzie LLP

    Jennifer Connors is a partner in Baker & McKenzie’s Financial Regulation and Enforcement Practice Group where she is the Co-Lead of the Broker-Dealer Regulation Team. Her practice focuses regulatory compliance issues for broker-dealers, investment managers and other market participants, including trading rules, issues regarding ATSs, electronic trading, cybersecurity, sales practices, Blue Sky Laws and anti-money laundering rules. She also advises fund management clients and FinTech firms with respect to broker-dealer regulation issues, as well as securities offerings, distribution arrangements and private placements. In addition, Jennifer regularly counsels clients on SEC and FINRA inquiries and examinations, and continuing membership applications.

    Jennifer has more than 20 years of experience in legal and compliance roles at both global financial services firms and innovative FinTech companies as both a general counsel and a chief compliance officer. In these roles, she developed comprehensive written supervisory procedures (WSPs) and training programs for brokerage personnel, and served as a key liaison with financial industry regulators. Jennifer is a frequent speaker and author of articles regarding regulatory matters, and she is recognized in Chambers USA for Financial Services Regulation-Compliance.

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