We have a super-sized episode for you today, and it’s different from our usual fare in more than just length. Last week, I invited Fizza Khan - CEO of Silver Regulatory Associates; Mike Fitzgerald – Managing Director and Global Head of Cap Intro at TD Cowen; and Malhar Oza – Senior Associate at CFM to join me for an in-person event discussing the SEC’s marketing rule. This episode is a lightly edited recording of that conversation.Key Points From This Episode:The new marketing rule consolidates two prior SEC rules and myriad SEC guidance from multiple decades.The new rule has been in full force and effect for six months, and managers have many questions about how to comply.The final rule release is 430 pages long, and if it could be distilled down into two words, they would be: “don’t mislead”.Why exempt advisers should comply with it too, even though it only technically applies to registered investment advisers.Social media considerations for fund managers.Why you need to net fees and expenses out of performance results in marketing materials.Issues around substantiation.Disclaimer:This show is for informational purposes only. Nothing presented here constitutes legal advice. Tokens of Wisdom is produced by Dave Rothschild, partner at Cole-Frieman & Mallon LLP headquartered in San Francisco, California. For more information, visit https://colefrieman.com/Links Mentioned in Today’s Episode:Dave Rothschild - https://www.linkedin.com/in/davidcrothschild/Fizza Khan - https://www.linkedin.com/in/fizzakhan1/Mike Fitzgerald - https://www.linkedin.com/in/michael-fitzgerald-bb2b4572/Malhar Oza - https://www.linkedin.com/in/malharoza/Cole-Frieman & Mallon LLP - https://colefrieman.com/Music by Joe Ginsberg - https://www.instagram.com/thejoeginsbergFor any questions or comments, email: [email protected]

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