Marketing Rule

The SEC Marketing Rule — Rule 206(4)-1 under the Advisers Act — governs how investment advisers can advertise, from the firm website and pitch decks to testimonials, endorsements, performance figures, and social media. It replaced the old advertising and cash solicitation rules with a single framework built on general prohibitions, disclosure requirements, and strict conditions for anything that touches performance or third-party promotion.

These articles break the rule down for working compliance teams: what counts as an advertisement, what the seven general prohibitions actually forbid, when testimonials and endorsements are allowed, and how to review marketing material before it goes out.