The SEC’s modernized Marketing Rule significantly changed how registered investment advisers can promote their services, and regulators continue to scrutinize marketing practices closely during examinations and enforcement actions. In this session, securities attorney Michelle Atlas-Quinn will break down the key requirements of the rule and explain how advisors can structure compliant marketing programs in 2026. The program will clarify what qualifies as an advertisement under the rule, review prohibited statements that may be considered misleading, and explain the regulatory requirements governing testimonials, endorsements, and promoter relationships. Michelle will also examine the complex rules surrounding performance advertising, including the presentation of gross and net performance, the limitations on hypothetical performance, and the documentation firms must maintain to support marketing claims. The session will also address third-party ratings, social media considerations, and the expanded books-and-records obligations under the rule, while reviewing recent enforcement actions that illustrate how regulators interpret these requirements in practice.
