Marketing and Fund Registration in the USA - An Update for 2021

In December 2020, the SEC merged the existing Advertising Rule and Cash Solicitation Rule applicable to investment advisers into a single Marketing Rule.

The new rule includes a number of changes, including:

• New definition of “advertisement”
• Specific impacts for private funds
• New requirements for presenting performance information
• Broad prohibitions on misleading statements
• New disclosure, diligence and compliance requirements
• New requirements with respect to adviser oversight of “promoters”

Laurin Blumenthal Kleiman of Sidley Austin and Philippa Allen of ComplianceAsia will discuss how these changes will impact managers based in Asia who want to market their funds in the US, and give an update on other aspects of approaching US investors that need to be considered by offshore managers and advisers.