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B-333058 Mar 12, 2021 1 (2021-03-12)

handle is hein.gao/gaoljl0001 and id is 1 raw text is: 01O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333058 March 12, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Investment Adviser Marketing Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Investment Adviser Marketing (RIN: 3235-AM08). We received the rule on December 22, 2020. It was published in the Federal Register as a final rule on March 5, 2021. 86 Fed. Reg. 13024. The effective date is May 4, 2021. According to the Commission, this final rule updates rules that govern investment adviser marketing. Specifically, the Commission stated that the rule will create a merged rule that will replace both the current advertising and cash solicitation rules, reflecting market developments and regulatory changes. In addition, the Commission stated that it is adopting amendments to Form ADV to provide the Commission with additional information about advisers' marketing practices, and to the books and records rule under the Investment Advisers Act of 1940, 15 U.S.C. §§ 80b-1 et seq. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel Enclosure cc: Vanessa A. Countryman Secretary Securities and Exchange Commission

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