Press release: AIMA Guide on SEC Marketing Rule Offers a Practical Approach to Implementation
Published: 02 November 2021
On November 2, AIMA will host a webinar to launch its Implementation Guide to the SEC’s modernized Marketing Rule. The guide was produced with the assistance of AIMA partners ACA Group and Dechert LLP, drawing on their expertise in investment advisory consulting and legal representation.
Unlike a traditional manual to memorialize the 430-page Rule, which was published on December 22, 2020, the Guide is designed to provide a concise overview of the requirements under the new Marketing Rule, serving as a more practical resource for AIMA members as they navigate the new regime. Focusing on the most common areas of concern for investment advisers and the most notable changes in the new Rule, the Guide then distils the Rule into more concise form, providing practical guidance in an easy-to-use form. Definitions are broken down to identify what does and does not qualify, absolute requirements are identified, considerations for principle-based decisions are reviewed, checklists are provided and real-world examples are used – all in a manner that should prove useful to seasoned practitioner and layperson alike.
We invite members and non-members to view a replay of the launch webinar which will be available https://www.aima.org for a limited time from 9 November. Please note that access to the Guide is limited to AIMA members.
Following launch of the Guide, AIMA will offer educational programming to more deeply explore specific elements of the Rule, continuing in its objective to provide members with practical, useful tools to address the ever-changing regulatory landscape.
“This Guide is a refreshing take on traditional manuals, offering practical, easy-to-use guidance on what remains a complex topic. AIMA spent more than a year engaging with the SEC on behalf of members during the comment period to ensure their concerns were heard. In listening to those concerns, it was clear that we also had to provide relatable guidance that could be quickly understood by all levels of staff.” – Jack Inglis, CEO, AIMA
“Since the day the New Marketing Rule was approved, ACA has been entrenched in the day-to-day concerns of firms working to understand its nuances, update policies, and prepare to present performance in line with the new rule. We’ve found through the Marketing Rule gap analyses we've performed for our clients, there are many updates to consider and it has become clear that making the necessary changes cannot happen overnight. We’re pleased to have partnered with AIMA and Dechert on this guide which will help to provide a strong foundation for firms to stand upon.” – Carlo di Florio, Chief Services Officer, ACA Group
“It’s been a pleasure working with AIMA and ACA on this guide. We hope that asset managers will find it a helpful and practical tool in navigating this important regulatory development.” – Karen Anderberg, Partner, Dechert LLP
AIMA, the Alternative Investment Management Association, is the global representative of the alternative investment industry, with more than 2,000 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than US$2 trillion in assets. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programmes and sound practice guides. AIMA works to raise media and public awareness of the value of the industry. AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 200 members that manage US$450 billion of private credit assets globally. AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialised educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors). For further information, please visit AIMA’s website, https://www.aima.org
About ACA Group
ACA Group (“ACA”) is the leading governance, risk, and compliance (GRC) advisor in financial services. We empower our clients to reimagine GRC and protect and grow their business. Our innovative approach integrates consulting, managed services, and our ComplianceAlpha® technology platform with the specialized expertise of former regulators and practitioners and our deep understanding of the global regulatory landscape.
ACA provides GIPS® standards verification and consulting services to investment managers around the globe. Our team — comprised of more than 60 professionals with extensive GIPS® standards and performance experience — is the largest group of professionals in the world solely dedicated to GIPS® standards verification and related services.
Our global team of regulatory compliance professionals includes former SEC, FINRA, FCA, CFTC, NFA, and state regulators, as well as former senior managers from prominent financial institutions and advisory firms. We work with compliance and legal professionals to review and develop compliance programs based on best practices, current regulatory requirements, and robust oversight processes.
Learn more at https://www.acaglobal.com/
Dechert is a leading international law firm with approximately 1,000 lawyers in 22 offices. Around 185 financial services lawyers in 15 offices throughout the world are dedicated to funds and financial services with expertise across all major asset classes, fund domiciles and structures. Dechert was the first and is the leading law firm with a funds practice in all key European fund domiciles, including the UK, Ireland, Luxembourg, Germany and France, as well as the U.S., the Middle East and Asia. As a result, our lawyers are in a unique position to give jurisdictional-neutral and unbiased advice about the right structures for raising and deploying capital both in Europe and beyond, with strong attention to tax efficiency and market terms. For more information, visit: www.dechert.com/financial_services.