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The latest SEC Risk Alert details observations of investment adviser compliance with the Marketing Rule from its exams staff.
The SEC charged five RIAs for Marketing Rule violations, pointing to misleading and improper hypothetical advertising in particular.
The SEC said the charged firms advertised hypothetical performance to mass audiences on their websites without having the required policies and procedures.
In its second Marketing Rule enforcement announced this week. SEC charges firm for paying ‘finfluencers’ without proper disclosure in place.
The SEC announced charges against the NY-based fintech investment adviser for using hypothetical performance metrics in advertisements that were misleading, plus misleading disclosures.
Implementing the biggest change in 60 years is proving a substantial challenge for advisers.