Glossary · Compliance and regulation
The SEC marketing rule governs how registered investment advisors advertise, including the use of testimonials, endorsements, and third-party ratings.
The definition of an advertisement is broad. A website, a one-page leave-behind and a social post can all qualify, which is why substantiation and record-keeping matter as much as wording.
Performance presentations carry specific requirements, and any figure shown must be supportable from the firm's books and records at the time it was published.
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