A new year is always a good time to start over. So, fittingly enough, our first cover story of 2021 (you can download the full issue here) takes a look at the first overhaul of the Securities and Exchange Commission’s marketing rules in some half a century. This represents one of outgoing chairman Jay Clayton’s top goals for his tenure at the agency.
The new marketing rule, at a lengthy 400-plus pages, replaces a patchwork of no-action letters issued over the decades. It also opens up the possibility of new marketing opportunities for private funds, including social media and the use of client testimonials. But there are concerns, especially amid an incoming Democratic administration, that the complex compliance burden the new “principles-based” approach places on compliance staff could be broad. Bill Myers takes a deep dive into both the opportunities and challenges of the new regime. He also looks at the concerns raised by Democratic commissioners, who are about to become the majority at the agency, perhaps portending what is still to come under the Biden administration – which at the time of writing is said to be expected to pick former financial regulator Gary Gensler to head the Commission.
The new year also marks a new start for us. Private Funds CFO’s magazine will henceforth be published on a bimonthly basis, allowing us to provide you with deeper analysis of important trends and complex issues, while still giving you your daily news and insight online. As always, if you have any thoughts, comments or news tips you’d like to share, reach out to me at the email address above.
Enjoy the magazine.
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