On November 4, 2019, the US Securities and Exchange Commission (SEC) proposed amendments to Rule 206(4)-1 (the Advertising Rule) and Rule 206(4)-3 (the Solicitation Rule) under the Investment Advisers Act of 1940. The proposed amendments would substantially modernize the rules the SEC adopted in 1961 and 1979, respectively, and are intended to reflect market and regulatory developments, including technological advancements, that have changed the way advisers conduct business since the current rules were first adopted decades ago. The public comment period will be open for 60 days following publication of the release in the Federal Register. Although timing is hard to predict, it is very possible that advisers would need to comply with the rule amendments at some point in 2020.