For the second year, compliance officers at advisory firms say the Securities and Exchange Commission's marketing rule is their No. 1 chore, according to the Investment Adviser Association's just-released 2022 Investment Management Compliance Testing Survey.
Advertising/Marketing was identified by 78% of survey respondents as the "hottest" compliance topic — up 20 percentage points from last year, the report said.
The SEC recently launched an email campaign reminding registered investment advisors about the upcoming Nov. 4 compliance date for the amended marketing rule — and steps they'll need to take to comply.
Cybersecurity followed with 67% while climate change/ESG climbed to third in compliance officers' list of hot topics, named by 50% of respondents.
The Investment Management Compliance Testing Survey is a joint project of the IAA, ACA Group and Yuter Compliance Consulting.
Compliance professionals at 425 investment advisor firms participated in the survey.
All firm sizes were represented — with 21% of respondents managing less than $1 billion in assets, 41% managing $1 billion to $10 billion, and 37% managing more than $10 billion.
Close to half (42%) of responding firms reported having between 11 and 50 employees, which is consistent with industry data showing that most RIAs are small to midsize businesses.
According to the poll, 32% of the survey respondents said that their firm provides advice and/or recommendations on rollovers from ERISA plans.
82.86% of respondents also said they rely on DOL's fiduciary exemption, PTE 2020-02, to provide rollover advice and/or recommendations.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.