Investment Adviser Marketing Rule
Financial and capital markets firms operating under the U.S. Securities and Exchange Commission's Investment Adviser Marketing Rule (Rule 206(4)-1, amended 2021) are still working through enforcement gaps two-plus years after the November 2022 compliance deadline. The SEC's Division of Examinations has flagged marketing rule deficiencies as a standing examination priority, with particular scrutiny on performance advertising, testimonials, and third-party ratings disclosures.
Watch
- SEC exam deficiency letters citing non-compliant performance advertising in adviser materials
- Testimonial and endorsement disclosure requirements: are your vendor agreements documented?
- Third-party rating usage triggering questionnaire disclosure obligations under 206(4)-1(c)(2)
- No-action relief requests stacking up around hypothetical performance presentation rules
- State securities regulators aligning examination checklists with federal Marketing Rule standards
Recent material activity in Financial & Capital Markets
Active monitoring in place across Financial & Capital Markets. Material developments related to investment adviser marketing rule will appear here as they are published.