{"id":18804,"date":"2026-01-24T12:58:26","date_gmt":"2026-01-24T12:58:26","guid":{"rendered":"https:\/\/lite14.net\/blog\/?p=18804"},"modified":"2026-01-24T12:58:26","modified_gmt":"2026-01-24T12:58:26","slug":"sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules","status":"publish","type":"post","link":"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/","title":{"rendered":"SEC Issues New FAQs Offering Greater Flexibility Under Marketing Rules"},"content":{"rendered":"<p>&nbsp;<\/p>\n<hr \/>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_What_Did_the_SEC_Do\" >\u00a0What Did the SEC Do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Key_Changes_in_the_New_FAQs\" >\u00a0Key Changes in the New FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#1_Flexibility_on_Net_Performance_and_Fees\" >1) Flexibility on Net Performance and Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#2_Testimonials_and_Endorsements_from_Individuals_with_Certain_Histories\" >2) Testimonials and Endorsements from Individuals with Certain Histories<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Broader_Industry_Context\" >\u00a0Broader Industry Context<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_How_the_Marketing_Rule_Works\" >\u00a0How the Marketing Rule Works<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Comments_and_Reactions\" >\u00a0Comments and Reactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_What_This_Means_in_Practice\" >\u00a0What This Means in Practice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Summary\" >\u00a0Summary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_What_the_New_FAQs_Changed\" >\u00a0What the New FAQs Changed<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_1_Net_Performance_Fees_%E2%80%94_%E2%80%9CModel%E2%80%9D_vs_Actual_Fees\" >\u00a01. Net Performance Fees \u2014 \u201cModel\u201d vs Actual Fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_2_Testimonials_Endorsements_with_SRO_Disciplinary_History\" >\u00a02. Testimonials &amp; Endorsements with SRO Disciplinary History<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Case_Study_1_%E2%80%94_Performance_Reporting_Clarification\" >\u00a0Case Study 1 \u2014 Performance Reporting Clarification<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Case_Study_2_%E2%80%94_Testimonial_Flexibility\" >\u00a0Case Study 2 \u2014 Testimonial Flexibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Expert_Industry_Commentary\" >\u00a0Expert &amp; Industry Commentary<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Compliance_Expert_Views\" >\u00a0Compliance Expert Views<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Investor_Protection_Perspective\" >\u00a0Investor Protection Perspective<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Why_This_Matters_in_Practice\" >\u00a0Why This Matters in Practice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Summary-2\" >\u00a0Summary<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/#_Final_Notes\" >\u00a0Final Notes<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"_What_Did_the_SEC_Do\"><\/span>\u00a0What Did the SEC Do?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On <strong>January\u202f15,\u202f2026<\/strong>, the <strong>SEC staff<\/strong> published updated <strong>Frequently Asked Questions (FAQs)<\/strong> relating to <strong>Rule\u202f206(4)\u20111<\/strong>, commonly known as the <strong>Marketing Rule<\/strong> under the <em>Investment Advisers Act of 1940<\/em>. These FAQs <strong>clarify and relax certain technical requirements<\/strong> in the rule, giving investment advisers <strong>more flexibility<\/strong> in how they present performance figures and use testimonials or endorsements in marketing materials. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p>The Marketing Rule sets strict standards for <strong>advertising and marketing communications<\/strong> by registered investment advisers to ensure information is <strong>clear, fair, balanced and not misleading<\/strong>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Key_Changes_in_the_New_FAQs\"><\/span>\u00a0Key Changes in the New FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Flexibility_on_Net_Performance_and_Fees\"><\/span>1) <strong>Flexibility on Net Performance and Fees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Previous confusion<\/strong>: A footnote in the Marketing Rule\u2019s adopting release led many in the industry to interpret that <strong>if actual fees historically charged were lower than the fees an adviser would charge a new client<\/strong>, the adviser <strong>must use a model fee<\/strong> when showing \u201cnet performance.\u201d (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p><strong>New clarification<\/strong>:<\/p>\n<ul>\n<li>The SEC staff clarified that this is <strong>not a blanket requirement<\/strong>.<\/li>\n<li>Advisers <em>may<\/em> present net performance using <strong>actual fees even when those fees are lower than the anticipated fees<\/strong>, as long as the <strong>advertisement is factually accurate<\/strong> and includes <strong>adequate disclosures<\/strong> about the differences. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/li>\n<\/ul>\n<p><strong>Why this matters:<\/strong><br \/>\nThis gives advisers <strong>practical flexibility<\/strong> in how they illustrate performance for prospective clients, especially when actual fee histories might differ from current pricing structures. It reduces unnecessary reliance on hypothetical \u201cmodel fees\u201d that can be misleading if not properly explained. (<a title=\"New Year, New Marketing Rule FAQs- United States\" href=\"https:\/\/natlawreview.com\/article\/united-states-new-year-new-marketing-rule-faqs?utm_source=chatgpt.com\">National Law Review<\/a>)<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"2_Testimonials_and_Endorsements_from_Individuals_with_Certain_Histories\"><\/span>2) <strong>Testimonials and Endorsements from Individuals with Certain Histories<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Old constraint:<\/strong> The Marketing Rule generally prohibited advisers from paying for testimonials or endorsements from people with certain <strong>\u201cdisqualifying events\u201d<\/strong> (e.g., past enforcement actions). (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p><strong>New FAQ guidance:<\/strong><\/p>\n<ul>\n<li>If someone has been the subject of a <strong>self\u2011regulatory organization (SRO) final order<\/strong> that <em>did not result in a bar, suspension or prohibition<\/em> from the securities industry, that person <strong>may be compensated for testimonials or endorsements<\/strong> \u2014 <em>provided specific conditions are met<\/em>.<\/li>\n<li>These conditions include clear disclosures in the advertisement about the SRO order and ensuring the person complies with any terms imposed by the order. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/li>\n<\/ul>\n<p><strong>Impact:<\/strong><br \/>\nThis interpretation aligns SEC guidance with how similar enforcement categorizations are treated under federal securities laws and can <strong>expand the pool of individuals advisers can work with<\/strong> \u2014 though it imposes strict disclosure requirements to protect investors. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Broader_Industry_Context\"><\/span>\u00a0Broader Industry Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_How_the_Marketing_Rule_Works\"><\/span>\u00a0How the Marketing Rule Works<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Marketing Rule was adopted to <strong>consolidate and modernize<\/strong> longstanding guidance on adviser advertising, including how investment performance must be shown, how testimonials and endorsements are used, and disclosures about conflicts of interest. It broadly requires advisers to include performance net of fees and prohibits misleading claims. (<a title=\"SEC.gov | Rulemaking Activity\" href=\"https:\/\/www.sec.gov\/rules-regulations\/rulemaking-activity?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<p>Before these new FAQs, some advisers found the rule\u2019s application confusing around <strong>model vs. actual fee presentations<\/strong> and whether <strong>certain testimonials<\/strong> were permissible \u2014 especially when someone had a <strong>disciplinary history but no bar or suspension<\/strong>. The new FAQs directly aim at these uncertainties. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Comments_and_Reactions\"><\/span>\u00a0Comments and Reactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Legal and compliance experts:<\/strong><br \/>\nMany in the legal advisory and compliance community have welcomed the updated guidance as <strong>more practical and aligned with real\u2011world marketing practices<\/strong>. Analysts note that:<\/p>\n<ul>\n<li>The clarification on <strong>fee presentations<\/strong> avoids needless complexity and makes performance advertising more transparent and comparable while upholding investor protection.<\/li>\n<li>The endorsement flexibility provides advisers with a clearer path to use credible voices in marketing \u2014 <em>as long as they disclose relevant regulatory history clearly<\/em>. This is especially helpful for firms that use industry influencers or former executives in testimonials. (<a title=\"Marketing Rule FAQ Updates | Maxwell Baker Insights\" href=\"https:\/\/vigilantllc.com\/marketing-rule-faq-updates-maxwell-baker-insights\/?utm_source=chatgpt.com\">Vigilant LLC<\/a>)<\/li>\n<\/ul>\n<p><strong>Industry compliance professionals:<\/strong><br \/>\nSome compliance officers have said the updates signal the SEC\u2019s intent to be <strong>responsive to feedback<\/strong> from advisers about rule application challenges. However, they also emphasize that <strong>strict disclosure and clear, prominent presentation<\/strong> of information remains critical \u2014 the new flexibility doesn\u2019t reduce advisers\u2019 obligations to provide <em>fair, complete and non\u2011misleading<\/em> marketing material. (<a title=\"Marketing Rule FAQ Updates | Maxwell Baker Insights\" href=\"https:\/\/vigilantllc.com\/marketing-rule-faq-updates-maxwell-baker-insights\/?utm_source=chatgpt.com\">Vigilant LLC<\/a>)<\/p>\n<p><strong>Investor protection advocates:<\/strong><br \/>\nObservers focused on transparency highlight that while the rule relaxations can aid advisers, they still underline the importance of <strong>clear labeling and disclosures<\/strong> to ensure investors understand performance figures and the context of testimonials. This balance between flexibility for firms and protection for investors is core to the SEC\u2019s approach. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_What_This_Means_in_Practice\"><\/span>\u00a0What This Means in Practice<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>For Investment Advisers:<\/strong><br \/>\nMore practical options when presenting net performance in ads<br \/>\nAbility to engage certain individuals in compensated endorsements with disclosures<br \/>\nGreater clarity on marketing compliance expectations under the Marketing Rule<\/p>\n<p><strong>For Investors:<\/strong><br \/>\nPotentially clearer comparability of performance figures<br \/>\nBetter transparency around endorsements and testimonials used in adviser marketing<\/p>\n<p><strong>For Compliance Teams:<\/strong><br \/>\nA need to update policies and procedures in light of new interpretations<br \/>\nEmphasis on documentation and disclosures to support any new marketing approaches<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Summary\"><\/span>\u00a0Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SEC\u2019s <strong>new Marketing Rule FAQs<\/strong> \u2014 effective January\u202f2026 \u2014 provide advisers with important clarifications and <strong>greater flexibility<\/strong> in key areas:<\/p>\n<ul>\n<li>Presenting <strong>net performance using actual fees<\/strong>, even when model fees were previously thought necessary \u2014 <em>based on facts and adequate disclosure<\/em>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/li>\n<li>Allowing the use of <strong>testimonials and endorsements<\/strong> from individuals subject to certain regulatory orders, as long as full disclosures are made and conditions are met. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/li>\n<\/ul>\n<p>These developments are part of the SEC\u2019s ongoing effort to make the Marketing Rule <em>workable and effective<\/em> while maintaining investor protections against misleading advertising. (<a title=\"New Year, New Marketing Rule FAQs- United States\" href=\"https:\/\/natlawreview.com\/article\/united-states-new-year-new-marketing-rule-faqs?utm_source=chatgpt.com\">National Law Review<\/a>)<\/p>\n<p>Here\u2019s a <strong>case\u2011study and expert comment\u2013focused overview<\/strong> of the <strong>SEC\u2019s new FAQs offering greater flexibility under its Investment Adviser <em>Marketing Rule<\/em><\/strong> \u2014 with real\u2011world examples of how advisers are responding, where confusion arose, and what industry voices are saying about the changes. These updated FAQs were issued in <strong>January\u202f2026<\/strong> and clarify important points of interpretation under <strong>Rule\u202f206(4)\u20111<\/strong> of the <em>Investment Advisers Act<\/em>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_What_the_New_FAQs_Changed\"><\/span>\u00a0What the New FAQs Changed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In mid\u2011January\u202f2026 the <strong>SEC staff updated its Marketing Rule FAQ guidance<\/strong> to provide advisers with <strong>more flexibility<\/strong> in two key areas:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_1_Net_Performance_Fees_%E2%80%94_%E2%80%9CModel%E2%80%9D_vs_Actual_Fees\"><\/span>\u00a01. <strong>Net Performance Fees \u2014 \u201cModel\u201d vs Actual Fees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Before the FAQs, many firms interpreted earlier Marketing Rule guidance as <em>requiring<\/em> the use of a \u201cmodel fee\u201d (a hypothetical fee) when showing net performance if the <em>actual fees<\/em> they historically charged were lower than the fees they intend to charge new clients. This interpretation made performance reporting complex and rigid. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p>The updated FAQs clarify that:<\/p>\n<ul>\n<li>Advisers <strong>do not have to use a model fee automatically<\/strong> in these situations.<\/li>\n<li>They may use <strong>actual historical fees<\/strong> as long as they make clear disclosures illustrating how the actual fees differ from fees a new investor would pay, and the advertisement is factually accurate overall.<\/li>\n<li>Whether actual fees can be used depends on <em>all relevant facts and circumstances<\/em> and <strong>adequate disclosures<\/strong>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"_2_Testimonials_Endorsements_with_SRO_Disciplinary_History\"><\/span>\u00a02. <strong>Testimonials &amp; Endorsements with SRO Disciplinary History<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Under the basic Marketing Rule, advisers generally <strong>cannot compensate individuals<\/strong> for testimonials or endorsements if the person has a recent \u201cdisqualifying event,\u201d such as a suspension or bar in the securities industry. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p>The new FAQ clarifies that if a person has an SRO (self\u2011regulatory organization, like FINRA) final order that <strong>did not result in suspension or bar<\/strong>, the adviser <strong>may compensate that person<\/strong> for testimonials or endorsements <em>if four conditions are met<\/em>:<\/p>\n<ol>\n<li>The only reason they are ineligible is the SRO order.<\/li>\n<li>The order did not expel or suspend them from the industry.<\/li>\n<li>They comply with any terms of the order (penalties, etc.).<\/li>\n<li>The advertisement clearly discloses the SRO order \u2014 including a link to it \u2014 for 10 years after the order date. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/li>\n<\/ol>\n<p>This gives advisers more room to work with certain individuals who have past, non\u2011career\u2011ending regulatory history \u2014 <em>but with robust disclosure requirements<\/em>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Case_Study_1_%E2%80%94_Performance_Reporting_Clarification\"><\/span>\u00a0Case Study 1 \u2014 Performance Reporting Clarification<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Situation:<\/strong> A boutique RIA (Registered Investment Adviser) historically charged lower fees on older accounts than its current fee schedule for new retail clients. Under earlier interpretations, the firm felt compelled to <em>re\u2011calculate all historic performance using a model fee<\/em> to comply \u2014 a time\u2011consuming and technically awkward process.<\/p>\n<p><strong>Application of New FAQ:<\/strong><br \/>\nWith the new FAQ, the firm can now present <strong>net performance using the actual fees historically charged<\/strong>, provided it includes <strong>a clear disclosure explaining how those fees differ from current ones<\/strong> and illustrates the impact. This avoids the administrative burden of model fee calculations while still giving prospective clients <em>transparent, fair\u2011balanced performance information<\/em>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p><strong>Why This Matters:<\/strong><br \/>\nBefore the clarification, many compliance officers worried about the rigid reading of the rule. The FAQ\u2019s \u201cfacts and circumstances\u201d approach means advisers don\u2019t have to default to model fees automatically, lowering compliance costs and reducing potential misinterpretation. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Case_Study_2_%E2%80%94_Testimonial_Flexibility\"><\/span>\u00a0Case Study 2 \u2014 Testimonial Flexibility<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Situation:<\/strong> A small investment advisory firm wanted to use a former industry executive \u2014 who received an SRO disciplinary order for a procedural matter but was never suspended or barred \u2014 in social media endorsements. Under prior practice, that history made the executive ineligible.<\/p>\n<p><strong>Application of New FAQ:<\/strong><br \/>\nNow the adviser <em>can<\/em> engage the executive, <strong>so long as<\/strong> the advertisement includes a clear disclosure explaining the SRO order and the executive\u2019s compliance with its terms. This makes it possible to leverage respected industry voices while staying compliant. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p><strong>Industry Comment:<\/strong><br \/>\nCompliance professionals have noted this change <em>\u201creinforces that not all regulatory history should be treated as a blanket bar to compensated testimonials\u201d<\/em>, provided disclosures are prominent and clear \u2014 but remind advisers that <em>prominent disclosure is key to avoiding misleading communications.<\/em> (<a title=\"Marketing Rule FAQ Updates | Maxwell Baker Insights\" href=\"https:\/\/vigilantllc.com\/marketing-rule-faq-updates-maxwell-baker-insights\/?utm_source=chatgpt.com\">Vigilant LLC<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Expert_Industry_Commentary\"><\/span>\u00a0Expert &amp; Industry Commentary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_Compliance_Expert_Views\"><\/span>\u00a0Compliance Expert Views<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Many in the legal and compliance community see the FAQs as a <strong>positive and practical clarification<\/strong>. They signal the SEC staff\u2019s willingness to interpret the Marketing Rule with <strong>real\u2011world business practices in mind<\/strong> while still upholding its anti\u2011fraud and transparency principles. The focus on <em>facts and circumstances<\/em> \u2014 rather than rigid formulas \u2014 helps firms adapt to diverse fee structures and marketing activities. (<a title=\"Marketing Rule FAQ Updates | Maxwell Baker Insights\" href=\"https:\/\/vigilantllc.com\/marketing-rule-faq-updates-maxwell-baker-insights\/?utm_source=chatgpt.com\">Vigilant LLC<\/a>)<\/p>\n<p><strong>One compliance director summed it up:<\/strong><\/p>\n<blockquote><p>\u201cThis shows the SEC staff is listening to advisers\u2019 concerns about implementation challenges \u2014 particularly around performance disclosures and testimonial restrictions.\u201d (<a title=\"Marketing Rule FAQ Updates | Maxwell Baker Insights\" href=\"https:\/\/vigilantllc.com\/marketing-rule-faq-updates-maxwell-baker-insights\/?utm_source=chatgpt.com\">Vigilant LLC<\/a>)<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"_Investor_Protection_Perspective\"><\/span>\u00a0Investor Protection Perspective<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Investor advocates emphasize that while the FAQs offer flexibility, advisers <strong>must not diminish transparency<\/strong>. Clear, <em>prominent disclosures<\/em> \u2014 especially around fees and regulatory history \u2014 are essential to ensuring potential clients aren\u2019t misled by performance figures or endorsements. The rule\u2019s anti\u2011fraud core remains unchanged. (<a title=\"Staying compliant with the SEC\u2019s new Marketing Rule | Wipfli\" href=\"https:\/\/www.wipfli.com\/insights\/articles\/fs-staying-compliant-with-the-secs-new-marketing-rule?utm_source=chatgpt.com\">Wipfli<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Why_This_Matters_in_Practice\"><\/span>\u00a0Why This Matters in Practice<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Advisers often struggle with the Marketing Rule\u2019s detailed requirements, especially in these areas:<\/p>\n<ul>\n<li><strong>Net vs. gross performance<\/strong>: Determining how to reflect fees fairly in advertisements.<\/li>\n<li><strong>Testimonials and endorsements<\/strong>: Ensuring compensation arrangements and past histories are fully disclosed.<\/li>\n<li><strong>Ad enforcement risk<\/strong>: Firms have faced enforcement actions for failing to include required disclosures or for untrue or misleading claims. (<a title=\"9 firms fined $1.24 million for not playing by SEC\u2019s Marketing Rule\" href=\"https:\/\/www.globalrelay.com\/resources\/thought-leadership\/nine-firms-fined-1-24-million-for-not-playing-by-secs-marketing-rule\/?utm_source=chatgpt.com\">Global Relay<\/a>)<\/li>\n<\/ul>\n<p>The updated FAQs aim to <strong>reduce confusion<\/strong> and give advisers <strong>operational clarity<\/strong> while maintaining investor protections through transparency and disclosures.<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Summary-2\"><\/span>\u00a0Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Topic<\/th>\n<th>What the FAQ Changes<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Net Performance Fees<\/strong><\/td>\n<td>Advisers can use <em>actual fees<\/em> (not only model fees) when clearly disclosed and factually accurate. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/td>\n<\/tr>\n<tr>\n<td><strong>Testimonials\/Endorsements<\/strong><\/td>\n<td>Firms may compensate individuals with SRO orders that didn\u2019t lead to suspension\/bar, <em>if disclosures are clear and prominent<\/em>. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"_Final_Notes\"><\/span>\u00a0Final Notes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The updated SEC Marketing Rule FAQs demonstrate a <strong>practical shift toward flexibility<\/strong> in applying complex advertising requirements \u2014 but with <strong>transparency and clear disclosure still central<\/strong>. Firms should still prioritize strong compliance systems to back up advertising claims and disclosures when using these relaxed interpretations. (<a title=\"SEC Provides Additional Marketing Rule Flexibility With New FAQs - McGuireWoods\" href=\"https:\/\/www.mcguirewoods.com\/client-resources\/alerts\/2026\/1\/sec-provides-additional-marketing-rule-flexibility-with-new-faqs\/?utm_source=chatgpt.com\">McGuireWoods<\/a>)<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; \u00a0What Did the SEC Do? On January\u202f15,\u202f2026, the SEC staff published updated Frequently Asked Questions (FAQs) relating to Rule\u202f206(4)\u20111, commonly known as the Marketing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[270,90],"tags":[],"class_list":["post-18804","post","type-post","status-publish","format-standard","hentry","category-digital-marketing","category-news-update"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Issues New FAQs Offering Greater Flexibility Under Marketing Rules - Lite14 Tools &amp; Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/24\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Issues New FAQs Offering Greater Flexibility Under Marketing Rules - Lite14 Tools &amp; Blog\" \/>\n<meta property=\"og:description\" content=\"&nbsp; \u00a0What Did the SEC Do? 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