May 27, 2021

SEC Marketing Rule Adoption


 SEC Marketing Rule Adoption

May 4, 2021, marks a historic day in the investment advisory space as the modernized “Marketing Rule” went into effect. Many advisors are finding themselves very eager to take advantage of the modernized marketing opportunities with what seems to be a more permissive and flexible rule than the original “Advertising Rule,” which has not been amended or updated since its adoption in 1961. However, the new rule doesn’t come without its many intricacies that are still being digested by advisors and industry experts alike to ensure full compliance with the new guidelines. As a result of the many complexities with this rule change, the SEC is providing an eighteen-month compliance period where during the interim, firms can choose to utilize the new Marketing rule or the old Advertising Rule, but not a combination of both.

We urge advisors to have patience and allow the regulatory landscape to fully break down and analyze the implications of this new rule. Similar to rule updates in the past, we expect to see the SEC update its FAQ page routinely in the next couple of months concerning the updated marketing guidance, which will further clarify their expectations on various disclosure and oversight obligations. In the meantime, AdvisorAssist is keeping a close eye on these updates and thoroughly working on developing and ensuring adequate policies and procedures are designed that will allow advisors to meet their continuing regulatory and compliance obligations under this new rule.

As it relates to state-registered investment advisors, we are actively monitoring each respective state to understand whether they will follow suit with federal regulations. At this time, we strongly urge state registrants to continue to comply with their current regulations. Many states rely on the SEC’s Advertising Rule, so we can expect to see updates in the near future.

Below are the highlights of the new Marketing Rule:

Definition of Advertisement
The amended definition of “advertisement” now contains two prongs. The first prong captures traditionally covered communications covered by the rule, while the second captures testimonials and/or endorsements for which an investment advisor provides direct or indirect compensation. The latter of which was formerly covered by the cash solicitation rule, which has been completely abolished and replaced by these changes.

There are 7 general violations advisors should avoid as it pertains to advertisements. These prohibited practices should come as no surprise to the advisor community, as the central tenet of them is focused on false or misleading statements, omission of material facts, and maintaining fair and balanced communication in all situations.
  1. Include any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not misleading;
  2. Include a material statement of fact that the adviser does not have a reasonable basis for believing it will be able to substantiate upon demand by the Commission;
  3. Include information that would reasonably be likely to cause an untrue or misleading implication or inference to be drawn concerning a material fact relating to the investment adviser;
  4. Discuss any potential benefits to clients or investors connected with or resulting from the investment adviser's services or methods of operation without providing fair and balanced treatment of any material risks or material limitations associated with the potential benefits;
  5. Include a reference to specific investment advice provided by the investment adviser where such investment advice is not presented in a manner that is fair and balanced;
  6. Include or exclude performance results, or present performance time periods, in a manner that is not fair and balanced; or
  7. Otherwise be materially misleading.
Testimonials and Endorsements
Arguably, the most significant reversal from the prior advertising rule is that advisors are now permitted to use testimonials and endorsements in an advertisement, so long as the advisor is able to satisfy certain disclosure, oversight, and disqualification provisions.

Although the SEC has broadly referred to the term testimonial for decades, the term has never been defined until now. The final definition of what constitutes a testimonial includes any statement by a current client or private fund investor about the clients’ or private fund investors’ experience with an investment advisor or its supervised persons. The definition of endorsement includes any statement by a person other than a current client or private fund investor that indicates approval, support or recommendation of the investment advisor or its supervised persons or describes that person’s experience with the investment advisor or its supervised persons.

As one might imagine, there are a number of obligations that must be met in order to meet regulatory requirements and maintain compliance in order to incorporate testimonials and endorsements into your practice. The scope of those requirements is quite broad, particularly in light of the SEC incorporating many of the elements of the solicitation rule into the revamped marketing rule.

Third-Party Ratings
As far as third-party ratings are concerned, the Marketing Rule prohibits the inclusion of third-party ratings in an advertisement unless advisors comply with the overalls rules general prohibitions, and other specific conditions.

The inclusion of performance in advertisements is allowable, given numerous requirements of the rule are met and adhered to. The main focus of including performance is on gross performance (must include net, equally as prominent), specific time periods (1, 5, 10, and/or since inception), related performance, carve-outs, and hypothetical performance. 

Lastly, the SEC has amended the Recordkeeping Rule (Rule 204-2) and will now require more robust recordkeeping by investment advisors as it relates to advertisements. Of note, whereas previously advisors were required to retain advertisements sent to ten or more people, the new rule requires that advisors maintain advertisements sent to more than one person.

Click here to read the entire marketing rule.

March 6, 2021

SEC 2021 Examination Priorities

 SEC 2021 Examination Priorities

Each year, the Division of Examinations (the “Division” - formerly known as the Office of Compliance Inspections and Examinations) of the U.S. Securities and Exchange Commission (“SEC”), publishes its examination priorities for the upcoming year. While there was a slight delay in the release of the report, on March 2, 2021, the Division released its 2021 examination priorities which aligned with our expectations based on recent examination deficiencies and enforcement cases. 

These priorities are designed to enhance the transparency of the Division’s examination program and to provide insight into their risk-based approach. Below are some of the key topics that we believe are of utmost importance for registered investment advisors (“RIAs”).


In June of 2019, the SEC released an interpretation regarding the standard of conduct (“Fiduciary Duty”) owed by RIAs. The Division will focus on assessing, among other things, whether RIAs provide advice, including whether account or program types continue to be, in the best interests of their clients, based on their clients’ objectives. Additionally, the Division will assess whether RIA’s are either eliminating or making full and fair disclosure of all conflicts of interest so clients can provide informed consent. 


Effective June 2020, the Client Relationship Summary (“Form CRS”) was a newly required disclosure document required of all SEC registered RIAs. Therefore, the Division will prioritize examinations of RIAs to assess compliance with Form CRS disclosure, filing and delivery requirements.


Conflicts of interest, particularly those with the prospect of financial gain or economic benefit, can improperly influence a firm’s fundamental obligation to act in a client’s best interest. The Division’s examinations will review firms’ disclosures regarding their conflicts of interest, including those related to fees and expenses. Fee and compensation-based conflicts of interest may take many forms, including revenue sharing arrangements between a registered firm and issuers, service providers, amongst others, and direct or indirect compensation to personnel for executing client transactions. 

One particular area the Division will prioritize is the examination of RIAs operating and utilizing turnkey asset management platforms (“TAMPs”). TAMPs provide RIAs with technology, investment research, portfolio management and other outsourcing services, and the Division’s examinations will seek to assess whether such fees and revenue sharing arrangements are adequately disclosed.


Concerns may arise when an RIA does not aggregate certain accounts for purposes of calculating fee discounts in accordance with its disclosures. In reviewing fees and expenses, the Division will review for:

  • advisory fee calculation errors, including, but not limited to, failure to exclude certain holdings from management fee calculations;

  • inaccurate calculations of tiered fees, including failure to provide breakpoints and aggregate household accounts; and

  • failures to refund prepaid fees for terminated accounts.


The Division will concentrate on recommendations regarding account type, conversions, and rollovers, as well as the sales practices used by firms for various product types, such as structured products, exchange-traded products, real estate investment trusts, private placements, annuities, digital assets, municipal and other fixed income securities, and microcap securities. 

The Division will also continue to prioritize the examination of incentives provided to financial services firms and professionals that may influence the selection of particular higher cost mutual fund share classes when lower cost classes are available.


Due to increasing demand, RIAs are increasingly offering investment strategies that focus on sustainability (sustainable, socially responsible, impact, and ESG conscious investing). The Division will focus on products in these areas that are widely available to investors such as open-end funds and ETFs, as well as those offered to accredited investors such as qualified opportunity funds. The Division will review the consistency and adequacy of the disclosures RIAs and fund complexes provide to clients regarding these strategies, determine whether the firms’ processes and practices match their disclosures, review fund advertising for false or misleading statements, and review proxy voting policies and procedures and votes to assess whether they align with the strategies.


As RIAs have spent the last twelve (12) months testing their cybersecurity policies and business continuity plans, the Division will now take this opportunity to review and assess whether RIAs have taken appropriate measures with respect to COVID-19 and whether appropriate measures were put in place to:

  • safeguard customer accounts and prevent account intrusions, including verifying an investor’s identity to prevent unauthorized account access;

  • oversee vendors and service providers;

  • address malicious email activities, such as phishing or account Intrusions;

  • respond to incidents, including those related to ransomware attacks; and

  • manage operational risk as a result of dispersed employees in a work-from-home environment.


The use of technology to facilitate compliance with regulatory requirements (“RegTech”) has experienced immense growth in recent years. RegTech, when implemented appropriately, may increase the efficiency of compliance staff, reduce manual processes, and exponentially increase transaction review capabilities. However, misused or improperly configured RegTech may lead to compliance program deficiencies. Examinations will focus on the implementation and integration of RegTech in firms’ compliance programs.


The digital asset market continues to evolve, and so too does the adoption of distributed ledger technology in financial services and market infrastructure. Examinations of market participants engaged with digital assets will continue to assess the following:

  • whether investments are in the best interests of investors;

  • portfolio management and trading practices; 

  • safety of client funds and assets;

  • pricing and valuation;

  • effectiveness of compliance programs and controls; and

  • supervision of representatives’ outside business activities.

Additionally, on February 26, 2021, the SEC's Division of Examinations released a long-awaited risk alert outlining observations made during examinations of investment advisory firms who utilize digital assets in client portfolios. The alert applies to firms who utilize these assets either directly (cryptocurrency) or indirectly (through private funds, publicly traded funds etc.). 

Click here to read the full alert.


The Division will continue to review RIA compliance programs, including whether the compliance programs and their policies and procedures are reasonably designed, implemented, and maintained. Specifically, the Division will pay particular attention to the following:

  • appropriateness of account selection;

  • portfolio management practices;

  • custody and safekeeping of client assets;

  • best execution;

  • fees and expenses;

  • business continuity plans;

  • compliance resources;

  • sustainable investing; 

  • broker-dealer affiliations (including RIAs with supervised persons who serve as registered representatives of a broker-dealer);

  • conflicts of interest;

  • outside business activities; and

  • valuation of client assets for consistency and appropriateness of methodology.


The Division noted that over 36% of RIAs manage private funds. This number is likely to continue to grow as RIAs look for different ways to distinguish themselves. As expected, the Division will continue to monitor and focus examination priorities on RIAs that manage private funds, specifically those that also provide services to retail investors. The Division will assess compliance risks, including a focus on liquidity and disclosures of investment risks and conflicts of interest

Finally, the Division will focus on how firms are complying with the recent changes to the definition of accredited investor when recommending and selling certain private offerings (click here to review the SEC’s modernized Accredited Investor definition).

Please remember that OCIE communicates these as PRIORITIES, and should not be relied upon as an all-inclusive list of all focus areas. To read the full report, click here: 2021 National Exam Program Examination Priorities.

February 28, 2021

The Division of Examinations’ Continued Focus on Digital Asset Securities


On February 26, 2021, the SEC's Division of Examinations released a long-awaited risk alert outlining observations made during examinations of investment advisory firms who utilize digital assets in client portfolios. The alert applies to firms who utilize these assets either directly (cryptocurrency) or indirectly (through private funds, publicly traded funds etc.).


Main areas identified by OCIE include:

  1. Portfolio Management - Specifically due diligence and evaluation of the various risks inherent in digital assets as well as the fulfillment of fiduciary duty.

  2. Books and Records - Digital asset trading platforms vary in reliability and consistency with regard to order execution, settlement methods, and post-trade recordation and notification, which an adviser should consider when designing its recordkeeping practices.

  3. Custody - Specifically for firms that have custody due to access to digital wallets for their clients with an emphasis on the safeguarding of private keys needed to access digital asset holdings.

  4. Disclosures - Examinations will look for adequate disclosures regarding the unique risks associated with digital assets, including any risks that are heightened as a result of the digital nature of such assets.

  5. Pricing Client Portfolios - It was noted that advisors may face valuation challenges for digital assets due to market fragmentation, illiquidity, volatility, and the potential for manipulation.

  6. Registration issues - Classification of digital assets in AUM and whether the assets meet the definition of a "Security".

Click here to read the full alert.

November 20, 2020

Observations from OCIE’s Examinations of Investment Advisers: Supervision, Compliance and Multiple Branch Offices

On November 9th the Office of Compliance Inspections and Examinations (“OCIE”) distributed its latest Risk Alert. The focus of this Risk Alert related to Supervision, Compliance, and Multiple Branch Offices. Risk Alerts result from the SEC’s OCIE conducting Advisor examinations. The purpose of alerts are to provide guidance to Advisors regarding deficiencies identified through their examinations with the goal of assisting Advisors to ensure their policies and procedures are effective and appropriate given the nature of the deficiency.

Compliance and Supervision

Compliance Programs: The OCIE noted that with respect to their Compliance Programs “the vast majority of the examined advisers were cited for at least one deficiency related to the Compliance Rule.” This included:

  • Inaccurate policies: outdated information

  • Policies not being followed: not applying policies to all branches

  • Inadequate implementation: not receiving records required by policies and procedures

  • No enforcement

Custody of client assets: The OCIE also noted that Advisers did not have policies and procedures limiting the ability of supervised persons to process withdrawals and deposits in client accounts or changing of client address of record. By not having adequate policies and procedures in place some firms unknowingly had custody of client assets and would be required to follow the provisions of the Custody Rule. These included:

  • Comingling assets with client assets

  • Trustee for client accounts

  • General Partner to an advised limited partnership

  • Received client checks in branch offices and deposited these checks with the client custodian

  • Arrangements allowing for broad disbursement authority over client assets

Fees and expenses: Fees and expenses were also an area identified where Advisers did not have adequate controls in place to identify and remediate instances where undisclosed fees were charged to clients. The OCIE noted that most fee billing issues were related to the lack of oversight over fee billing processes, and in some cases, this resulted in overcharges to clients. These overcharges included:

  • Inaccurate fee calculations: misapplying tiered fee structures or incorrect valuations

  • Inconsistently applied fee reimbursements: refunds for prorated fees paid in advance

  • Charged fees different than the rates included in advisory agreements

Oversight and supervision of supervised persons: Deficiencies related to oversight and supervision of supervised persons included the following items. 

  • Failure to disclose material information, including disciplinary events

  • Portfolio management, including recommendation of mutual fund share classes that were not in the client’s best interest

  • Trading and best execution

It was also noted that the deficiencies were higher for branch office locations with personnel with higher risk profiles.

Advertising: Deficiencies related to advertising were identified as materials prepared by supervised persons located in branch offices as well as supervised persons operating under a DBA. Examples of deficiencies included:

  • Performance presentations omitting material disclosures

  • Superlatives or unsupported claims

  • Professional experience and/or credentials of supervised persons or the firm that were falsely stated

  • Third-party rankings or awards that omitted material facts regarding these accolades

Code of ethics: A number of firms were cited for the following deficiencies:

  • Complying with reporting requirements, including submitting transactions and holding reports less frequently than required by the rule or not submitting reports at all

  • Reviewing transactions and holding reports

  • Properly identifying access persons

  • Including all required provisions in their code of ethics, including review and approval process prior to a supervised person investing in limited or private offerings, initial and annual holdings report submissions, and quarterly transaction report submissions

Investment Advice

Portfolio Management: More than half of the advisers examined were cited for deficiencies related to portfolio management. These deficiencies included:

  • Oversight of investment decisions

    • Mutual fund share class selection and disclosure issues

    • Wrap fee program issues where advisers failed to adequately asses whether programs were in the best interest of clients, erroneously charging commissions, misrepresented or failed to have appropriate disclosures regarding their program (i.e., fees, trading away practices, and delegation of responsibility), failure to implement appropriate oversight of trading away practices, including monitoring whether sub-advisers traded away. Such practices typically caused clients to incur additional costs.

    • Rebalancing issues that for example created short term redemption fees from mutuals funds.

  • Disclosure of conflicts of interest

    • Certain advisers were cited where conflicts of interest were not fully and fairly disclosed, such as expense allocations that appeared to benefit proprietary fund clients over non-proprietary fund clients or failure to disclose financial incentives for advisers and/or their supervised persons to recommend specific investments.

  • Trading allocation decisions

    • Advisers were cited for lack of documentation demonstrating the adivers’ analysis regarding obtaining best execution for their clients, completing principal transactions where securities were sold from the firms’ inventory without prior client consent and inadequate monitoring of supervised persons’ trading, including improper allocation of block trade losses to clients rather than to the supervised persons.

Branch Office Observations

The staff provided a number of observations relating branch supervision and meeting the Compliance Rule. Advisor policies and procedures need to address all office locations and all types of relationships (i.e., independent contractor or employee; home office or branch office). Key areas for establishing appropriate procedures included:

  • Uniform policies regarding oversigt, monitoring and approval of advertising as it pertains to branch offices utilizing DBA websites

  • Centralized, uniform process to manage client fee billing

  • Centralized process for monitoring and approving personal trading activities for all supervised persons

  • Uniform portfolio management policies and procedures

The staff also noted that Advisors performed compliance testing and reviews of branch locations annually and in certain cases more frequently as needed. During the exams firms reviewed the following types of activities:

  • Portfolio management decisions

  • Designation of individuals within the branch office[s] to provide portfolio management monitoring

  • Consolidate the trading activities occurring within branch offices into the Adviser’s overall testing practices

  • Conducting reviews that did not solely rely on self-reporting by personnel

Advisers established policies and procedures relating to prior disciplinary events when hiring supervised persons and establishing periodic reviews of those individuals. Advisers also required compliance training for branch office employees on a semi-annual or at least annual basis.

The key take aways from this alert are to ensure that as a firm you have developed appropriate policies and procedures and to make sure that you are adhering to those policy and procedures. We encourage firms to at least annually complete a review of your existing documents to determine if any changes need to be made within those documents to account for any day to day changes that may have occurred within any particular compliance area.

Click here to read the full alert.

September 10, 2020

The 2021 Annual Amendment Process

As the summer is coming to an end, AdvisorAssist is beginning to prepare for the 2021 Annual Amendment season! 

We have created an Annual Amendment dashboard accessible via AdvisorCloud360®, our proprietary compliance technology. We have also implemented deadlines and reminders to ensure timely completion of each step in the process. This allows the team to thoroughly review and analyze responses well in advance of the regulatory deadlines.

Below is an outline of AdvisorAssist’s step by step process to assist with the management of the 2021 Annual Amendment. 

  1. Client Geography Review We request that firms complete a breakdown of clients (households) by each state. This enables us to proactively address any registration or notice filing needs and process any withdrawals to avoid paying unnecessary fees before year end.

  2. Annual Renewal Fees The registration of firms and its investment advisor representatives expires on December 31st of each year. To maintain these registrations, firms must pay all applicable renewal fees assessed on its preliminary statement to ensure continued eligibility to do business in the coming year. Preliminary statements will be initiated by FINRA in the second week of November. Once your firm’s preliminary statement is available, we communicate a breakdown of the fees owed along with instructions on funding your FINRA e-Bill account.

  3. Review Forms We request that firms confirm and update ADV information via review forms that are made available through the AdvisorCloud360® Annual Amendment Dashboard.

    1. Firm Information - General information about the firm, its owners, officers and personnel.

    2. Advisory Services - Information about the advisory services offered by the firm (eg. Investment management services, financial planning and consulting services, retirement planning services, etc.).

    3. Branch Office[s] - All locations, aside from the firm’s primary place of business, in which advisory services are performed.

    4. Website[s] and Social Media - Active websites (including those used for DBA names) as well as social media pages for the firm (not your supervised persons individual pages)

    5. Fees and Compensation - Advisory fees and billing methodologies for your various advisory services.

    6. Assets, Clients, and Accounts - Fiscal year end information related to the firm's assets under management, client breakdown, and discretionary and non-discretionary accounts.
Once all of the review forms are completed, the AdvisorAssist team conducts an analysis of current filings to ensure consistency across disclosures and amendments to ensure adherence to regulatory expectations.

If you’d like to obtain more information about AdvisorAssist's Annual Amendment process and how we can assist your firm, please contact us at

January 13, 2020

Calculating Regulatory Assets Under Management

Let’s break down the key components to calculating RAUM:
(i) Qualifying a Securities Portfolio
An account is a securities portfolio if at least 50% of the total value of the account consists of securities*. For purposes of this 50% test, you may treat cash and cash equivalents (i.e., bank deposits, certificates of deposit, bankers acceptances, and similar bank instruments) as securities. You must include securities portfolios that are family or proprietary accounts, accounts for which you receive no advisory fee and accounts of non-United States persons.
For purposes of regulatory filings, Advisors must qualify and quantify the number of assets they manage and report them on Form ADV Part 1 and Part 2A. This calculation might be slightly different from other asset calculations you are used to. The calculation should include the securities portfolios for which you provide continuous and regular supervisory or management services (“Regulatory Assets Under Management” or “RAUM”).
Calculating Regulatory Assets Under Management
(ii) Quantifying a Securities Portfolio
Include the entire value of each securities portfolio for which you provide continuous and regular supervisory or management services over (see definition of continuous and regular below). If you provide continuous and regular supervisory or management services for only a portion of a securities portfolio, include as RAUM only that portion of the securities portfolio for which you provide such services. For example, exclude, the portion of the securities portfolio that consists of real estate or businesses whose operations you “manage” on behalf of a client but not as an investment.
RAUM Calculation Example
Consider the following example when calculating your value of RAUM.

The client's portfolio consists of the following:
*Under Section 2(a)(1) of the Securities Act, the term “security” is defined as any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
(iii) Determining Continuous and Regular Supervisory or Management Services
The following factors should be considered in evaluating whether you provide continuous and regular supervisory or management services to a securities portfolio:
The Advisory Contract. If you agree in an advisory contract to provide ongoing management services, this suggests that you provide these services for the account. Other provisions in the contract, or your actual management practices, however, may suggest otherwise.
Compensation. If you are compensated based on the average value of the client’s assets you manage over a specified period of time that suggests that you provide continuous and regular supervisory or management services for the account. If you receive compensation in a manner similar to either of the following, that suggests you do not provide continuous and regular supervisory or management services for the account:
  • You are compensated based upon the time spent with a client during a client visit; or
  • You are paid a retainer based on a percentage of assets covered by a financial plan.
Management practices. The extent to which you actively manage assets or provide advice bears on whether the services you provide are continuous and regular supervisory or management services. The fact that you make infrequent trades (e.g., based on a “buy and hold” strategy) does not mean your services are not “continuous and regular.”
Below are a few examples of instances that do NOT meet the definition of continuous and regular supervision:
  1. providing market timing recommendations (i.e., to buy or sell), but have no ongoing management responsibilities;
  2. providing only impersonal investment advice (e.g., market newsletters);
  3. making an initial asset allocation, without continuous and regular monitoring and reallocation; or
  4. providing advice on an intermittent or periodic basis (such as upon client request, in response to a market event, or on a specific date (e.g., the account is reviewed and adjusted quarterly)
(iv) Determining Discretionary vs Non-Discretionary RAUM
You provide continuous and regular supervisory or management services with respect to a securities portfolio if:
  1. you have discretionary authority over and provide ongoing supervisory or management services with respect to the account; or
  2. you do not have discretionary authority over the account, but you have ongoing responsibility to select or make recommendations, based upon the needs of the client, as to specific securities or other investments the account may purchase or sale and, if such recommendations are accepted by the client, you are responsible for arranging (i.e. communicating to the client) OR effecting the purchase or sale.
$6,000,000 -- stocks and bonds
$1,000,000 -- cash and cash equivalents
$3,000,000 -- non-securities (collectibles, commodities, real estate, etc.)

$10,000,000 -- Total Assets
Let’s run through some key questions to consider:
Qualify the securities portfolio: The account is a securities portfolio because securities as well as cash and cash equivalents (which you have chosen to include as securities) ($6,000,000 + $1,000,000 = $7,000,000) comprise at least 50% of the value of the account.
Quantify the securities portfolio:  The entire value of the account ($10,000,000) is included in the calculation of the adviser's total RAUM.
Determine continuous and regular supervisory or management: The entire account is managed on a discretionary basis and is provided ongoing supervisory and management services, and therefore receives continuous and regular supervisory or management services.
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