SEC Marketing Rule
A firm that claims compliance with the GIPS standards is required to comply with all applicable laws and regulations regarding the calculation and presentation of performance. Many firms that claim compliance are also SEC registrants and must comply with the SEC Marketing Rule. We have created tools and resources to help firms comply with the Marketing Rule.
Tools
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Reconciling the GIPS Standards and the SEC Marketing Rule Whitepaper – September 2023. (PDF)This whitepaper addresses the differences between the GIPS standards and the SEC Marketing Rule and is a resource for registered investment advisers that claim compliance with the GIPS standards.
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Sector and Contribution Model Net Performance (XLSX)This spreadsheet contains examples for calculating sector net returns and sector contribution to net returns.
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Investment-level Net TWR Calculation (XLSX)
This spreadsheet contains examples for calculating investment-level net return when time-weighted returns are used.
Webinars
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Composite Construction and the SEC Marketing Rule - Webinar RecordingLearn how to construct composites consistent with the requirements of the GIPS standards that would meet the SEC Marketing Rule requirements for calculating related performance.
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Composite Construction and the SEC Marketing Rule - Webinar Slides
Slides for the webinar titled, “Composite Construction and the SEC Marketing Rule”
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SEC Marketing Rule Developments with K&L Gates Webinar Recording – 13 September 2023
Attorneys from K&L Gates address Marketing Rule developments, including recent SEC enforcement actions focused on the use of hypothetical performance.
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SEC Marketing Rule Developments with K&L Gates Webinar Slides – 13 September 2023 (PDF)
Slides for the webinar title, “SEC Marketing Rule Developments with K&L Gates” from 13 September 2023
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SEC Marketing Rule Developments with K&L Gates Webinar Recording - 29 June 2023
Attorneys from K&L Gates address Marketing Rule developments, including the substantiation requirement and recent SEC exam areas of focus relating to the Marketing Rule.
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SEC Marketing Rule Developments with K&L Gates Webinar Slides - 29 June 2023
Slides for the webinar title, “SEC Marketing Rule Developments with K&L Gates” from 29 June 2023
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SEC Marketing Rule Update with K&L Gates Webinar Recording - 2 March 2023
Attorneys from K&L Gates address Marketing Rule developments, including the FAQ issued in January 2023 on investment-level net performance.
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SEC Marketing Rule Update with K&L Gates Webinar Slides - 2 March 2023
Slides for the webinar titled, “SEC Marketing Rule Update with K&L Gates” from 2 March 2023
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Comment Letters
CFA Institute comment letter on the SEC Marketing Rule
You can find all of our SEC Marketing Rule resources on the US SEC Marketing Rule webpage of the GIPS Standards website.