Clifford Chance

The New SEC Marketing Rule – Guidance For CLO Managers

November 3, 2022

On and after November 4, 2022, all investment advisers registered with the U.S. Securities and Exchange Commission will be required to comply with Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) in connection with marketing advisory services and products – including the marketing of collateralized loan obligations – to investors.1 This client briefing discusses the applicability of the Marketing Rule to CLOs and relevant requirements for CLO managers to be aware of, and offers practical recommendations to assist CLO managers in complying with the Marketing Rule’s requirements.

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