Recent SEC Risk Alert Informs Advisors of Focus Areas for Upcoming Examinations Under Marketing Rule


On June 8, 2023, the US Securities and Exchange Commission’s (SEC) Division of Examinations (DOE) published a risk alert informing advisors of focus areas during examinations for the Marketing Rule.

Initial Areas of Review for Marketing Rule

The DOE previously announced it would prioritize the following areas during examinations:

The DOE will continue to focus on these areas, as well as the dissemination of advertisements that violate certain general prohibitions. As a result, advisors should review their websites and other marketing materials to ensure compliance with the Marketing Rule.

Additional Areas of Review for Marketing Rule

In addition to the initial areas of review, the DOE is also emphasizing compliance with the following aspects of the Marketing Rule:

Additionally, advisors must have a reasonable basis for believing the questionnaires or surveys used to prepare any third-party ratings meet the Marketing Rule’s requirements, such as that the questionnaire or survey is structured to make it equally easy for a participant to provide favorable and unfavorable responses and is not designed or prepared to produce a predetermined result.

Additional research and writing from Marina Phillips, a 2023 summer associate in ArentFox Schiff's Boston office and a law student at Boston University.


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National Law Review, Volume XIII, Number 201