作者：Geoffrey Perusse
合伙人
The SEC’s
Division of Examinations has recently issued a risk
alert regarding the revised Marketing Rule (Rule 206(4)-1). The compliance
date for the Marketing Rule is November 4, 2022 (Compliance Date). As of the
Compliance Date, investment advisers may no longer choose to comply with the
previous advertising and cash solicitation rules. Registered investment
advisers, if they haven’t already, should be reviewing the compliance policies
to ensure compliance with this new rule.美国证券交易委员会审查部最近就修订后的营销规则（第206（4）-1条，专门为规范投资顾问宣传和募集资金制定）发布风险提示。该规则的生效日期是2022年11月4日。从生效日起，投资顾问无需选择遵守以前的广宣和现金募集规则。注册投资顾问亦应及时了解合规政策，以确保符合新规。
本风险提示强调了美国证券交易委员会未来的审查中将要针对的一些项目，包括：01
营销规则的政策和程序
Marketing Rule Policies and Procedures
Staff
will review whether investment advisers have implemented policies and
procedures that address the marketing rule. They noted that, “they should include
objective and testable means reasonably designed to prevent violations of the
final rule in the advertisements the adviser disseminates.
工作人员将审查投资顾问是否已经实施了针对营销规则的政策和程序。他们声称将运用客观和可测试的手段，合理地防止投资顾问发布的宣传违反最终规则。
02
证实要求
Substantiation Requirements
The staff will review whether investment advisers have a
reasonable basis for believing they will be able to substantiate material
statements of fact in advertisements.
投资顾问应具有有合理的依据使审查人员相信他们能够证实宣传中的重要事实陈述。03
业绩宣传要求
Performance Advertising Requirements
The staff will review whether investment advisers are in
compliance with performance advertising requirements in the Marketing Rule,
including the prohibitions on including the following in an advertisement:
工作人员将审查投资顾问是否符合营销规则中的业绩宣传要求，规则禁止在宣传中包含以下内容：
-gross performance, unless the advertisement also presents
net performance;毛业绩，除非该宣传还介绍了净业绩；
-any performance results, unless they are provided for
specific time periods (not applicable to the performance of private funds); 任何业绩结果，除非提供特定时间段的业绩（不包括私人基金的业绩）；
-any statement that the Commission has approved or
reviewed any calculation or presentation of performance results;- 任何关于委员会已批准或审查任何计算或介绍业绩结果的声明；
-to the extent an advertisement includes the performance
of portfolios other than the portfolio being advertised, performance results
from fewer than all portfolios with substantially similar investment policies,
objectives, and strategies as the portfolio being offered in the advertisement,
with limited exceptions; 超出宣传范围以外的投资组合的业绩以及--除有限的例外情况外，从少于所有投资组合获得的业绩结果，该组合在政策、目标和策略方面与宣传中提供的投资组合基本类似；
-performance results of a subset of investments extracted
from a portfolio, unless the advertisement provides, or offers to provide
promptly, the performance results of the total portfolio; 从投资组合中提取的投资子集的业绩结果，除非宣传及时提供总投资组合的业绩
-hypothetical performance, unless the adviser adopts and
implements policies and procedures reasonably designed to ensure that the
performance is relevant to the likely financial situation and investment
objectives of the intended audience and the adviser provides certain additional
information; and 假设的业绩，除非顾问采取并实施合理的政策和程序，以确保业绩与预期受众的可能财务状况和投资目标相关，并且顾问能提供某些额外的信息；以及
-predecessor performance, unless the personnel primarily
responsible for achieving the prior performance manage accounts at the
advertising adviser and the accounts that were managed by those personnel at
the predecessor adviser are sufficiently similar to the accounts that they
manage at the advertising adviser. In addition, the advertising adviser must
include all relevant disclosures clearly and prominently in the advertisement.- 历史业绩，除非主要负责实现历史业绩的人员在宣传顾问处管理账户，并且这些人员管理的先前账户与现账户有足够的相似性。此外，宣传顾问必须在宣传中明确和突出地包括所有相关的披露信息。
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Geoffrey代表各资产类别私人基金的发起人和管理者，包括房地产、私募股权、债务、风险资本和对冲基金，涉及基金的结构、形成和运作，包括根据《1940年投资顾问法》、《1933年证券法》和《1940年投资公司法》产生的监管和合规事宜。
杰夫为投资者、私人基金、赞助商和公司提供关于收购和处置各种行业的投资和资产的建议，包括房地产、技术、媒体和娱乐行业。
Geoffrey
Perusse
合伙人
私人投资基金
房地产
geoffrey.perusse
@rimonlaw.com
OFFICE:
San Francisco
洛维茨女士是并购和私募股权律师
上期导读：特定房地产交易纳入美国外国投资委员会（CFIUS）国家安全审查范畴
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