Replay of New Marketing Rule Panel Discussion

Silver’s CEO, Fizza Khan, participated in a panel discussion on Thursday, May 4th to break down the SEC’s new marking rule and explain how fund managers can educate themselves and comply with the new seven principles-based rule in order to stay off the SEC’s radar. Here is a link to the abridged version of the discussion along with some key takeaways.

Moderated by Dave Rothschild, Partner at Cole-Frieman & Mallon, Silver’s CEO, Fizza Khan, joined Mike Fitzgerald, Managing Director, Global Head of Cap Intro at TD Cowen, and Malhar Oza, Senior Associate at Cole-Frieman & Mallon, in an in-person panel discussion on Thursday, May 4, 2023, to break down the SEC’s new marking rule for private fund managers. Below is a link to the abridged version of the discussion along with some key takeaways:

Click to listen to the audio recording

  • SEC’s new marketing rule replaces, consolidates and modernizes two prior rules (the advertising rule and cash solicitation rule) and hundreds of no-action letters and interpretive guidance. The rule release is 430 pages long, but if it could be distilled into two words they are: “don’t mislead.”
  • Adopts a “principles-based” approach, setting out seven broad prohibitions, intending for specifics to evolve with technological and societal changes.
  • Gross performance in an advertisement is inherently misleading unless net performance is displayed with equal prominence. This applies to any performance results in an advertisement, including portfolio subsets and case studies.
  • Netting fees and expenses out of portfolio subsets poses a myriad of methodological challenges. Consider using case studies to illustrate your investment process, rather than specific results.
  • Substantiate all material facts included in an advertisement.
  • Avoid hyperbole.
  • Review all marketing material with Legal and/or Compliance.

To learn more about Silver’s perspective on the new marketing rule, please read this article. And please feel free to contact Silver with any questions you might have about the impact of the new marketing rule on your firm’s compliance program now and into the future.

Share the Post:

SilverVision Archive

Crypto Deregulation? Not Quite – The SEC’s New Strategy Explained

Silver’s CEO, Fizza Khan, along with Senior Director Benny Armstrong and Director Josh Burton, published an article in the April 2025 issue of Uncorrelated Magazine that unpacks the SEC’s evolving stance on crypto enforcement and regulation. The piece explores what recent regulatory shifts mean for digital asset managers and offers practical guidance for staying compliant while engaging in this rapidly changing space.

Read More »

ESG Q1 2025: Worldwide Changes and the Ongoing Aftermath

ESG regulation and DEI initiatives face significant shifts globally, driven by regulatory rollbacks in the U.S., evolving EU and UK reporting requirements and increasing political scrutiny. This guide offers a deeper dive into the latest regulatory updates and their outcomes worldwide to help private fund managers navigate these shifting landscapes while balancing regulatory compliance with investor and stakeholder expectations.

Read More »

EU Omnibus: Summary of Proposed Changes

The EU Omnibus is set to amend several key sustainability regulations, simplifying compliance obligations for in-scope entities. If approved, it will modify four major frameworks: CSRD, CSDDD, the Taxonomy Regulation, and CBAM.

Read More »