Given the advance in technology, the Securities and Exchange Commission (SEC) is in the process of updating its advertising and solicitation rules.

According to SEC Chairman Jay Clayton, “[t]he proposed amendments to the advertising rule would replace the current rule’s broadly drawn limitations with principles-based provisions. The proposed approach would also permit the use of testimonials, endorsements, and third-party ratings, subject to certain conditions, and would include tailored requirements for the presentation of performance results based on an advertisement’s intended audience.”  The public comment period is currently open until early January 2020.   

Best practice for businesses in the financial industry is to review the proposed new rules, and comment as necessary. Feel free to contact me with any questions.

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