RIA - Client References?

[Guest davsun]

The question is: what are the legal cites that govern the procedure regarding how a Registered Investment Advisor (RIA) can offer client references? Specifically, an RIA that is registered with the SEC, not an individual state (as individual state laws may vary on the topic).

In this day and age, clients asking for references is a critical component to doing business and is typically expected. However, what are the rules pertaining to RIAs providing references? Do the confidentiality/privacy practices established by the Gramm-Leach-Bliley Act of 1999 govern how this process is handled? An RIA simply cannot hand out a list of client references blindly; I would suspect that, at minimum, an RIA must ask permission before doing so. So what are the legal citation(s) governing how this is done? Gramm-Leach-Bliley? ERISA? Investment Advisor Act of 1940? Securities Exchange Act of 1934? SEC rules? DOL EBSA rules / interpretive bulletins? Buried somewhere in the CFRs?

[MSN]

See Advisors Act Rule 206(4)-1(a)(1) regarding the prohibition of testimonials.