The proposed amendments to the solicitation rule would expand the current rule to cover solicitation arrangements involving all forms of compensation, rather than only cash, subject to a new de minimis threshold. They also would update other aspects of the rule, such as who is disqualified from acting as a solicitor.
The current rule's requirements that the solicitor agree to deliver the advisor's Form ADV brochure and perform its solicitation activities consistent with the instructions of the advisor would be eliminated.
The public comment period will remain open for 60 days following publication of the proposal in the Federal Register.