{"id":18815,"date":"2026-01-26T13:53:42","date_gmt":"2026-01-26T13:53:42","guid":{"rendered":"https:\/\/lite14.net\/blog\/?p=18815"},"modified":"2026-01-26T13:53:42","modified_gmt":"2026-01-26T13:53:42","slug":"sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2","status":"publish","type":"post","link":"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/","title":{"rendered":"SEC Issues New FAQs Offering Greater Flexibility Under Marketing Rules"},"content":{"rendered":"<ul>\n<li><\/li>\n<\/ul>\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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_What_the_Marketing_Rule_Covers\" >\u00a0What the Marketing Rule Covers<\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Key_Changes_in_the_New_SEC_FAQs_January%E2%80%AF15%E2%80%AF2026\" >\u00a0Key Changes in the New SEC FAQs (January\u202f15\u202f2026)<\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#No_%E2%80%9CHard_Rule%E2%80%9D_on_Model_Fees_vs_Actual_Fees\" >No \u201cHard Rule\u201d on Model Fees vs. Actual 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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#Flexibility_on_%E2%80%9CExtracted_Performance%E2%80%9D_Performance_Metrics\" >Flexibility on \u201cExtracted Performance\u201d &amp; Performance Metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#Testimonials_Endorsements_Clarified\" >Testimonials &amp; Endorsements Clarified<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Why_the_New_FAQs_Are_Significant\" >\u00a0Why the New FAQs Are Significant<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#Greater_Practical_Flexibility\" >Greater Practical Flexibility<\/a><\/li><\/ul><\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Industry_Reaction_Compliance_Considerations\" >\u00a0Industry Reaction &amp; Compliance Considerations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#Adviser_Compliance_Teams\" >Adviser Compliance Teams<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#Ongoing_Enforcement_Expectations\" >Ongoing Enforcement Expectations<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Key_Takeaways\" >\u00a0Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Why_This_Matters_for_Investors\" >\u00a0Why This Matters for Investors<\/a><\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Case_Study%E2%80%AF1_%E2%80%94_Extracted_Performance_Flexibility\" >\u00a0Case Study\u202f1 \u2014 Extracted Performance Flexibility<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_What_the_SEC_Changed\" >\u00a0What the SEC Changed<\/a><\/li><\/ul><\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Case_Study%E2%80%AF2_%E2%80%94_Portfolio_or_Investment_Characteristics\" >\u00a0Case Study\u202f2 \u2014 Portfolio or Investment Characteristics<\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Background\" >\u00a0Background<\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_What_the_FAQs_Allow\" >\u00a0What the FAQs Allow<\/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\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Industry_Professional_Comments\" >\u00a0Industry &amp; Professional Comments<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Adviser_Compliance_Teams\" >\u00a0Adviser Compliance Teams<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Real%E2%80%91World_Examples_Commented_by_Legal_Advisors\" >\u00a0Real\u2011World Examples Commented by Legal Advisors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Comment_by_Regulatory_Attorneys\" >\u00a0Comment by Regulatory Attorneys<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Key_Themes_from_Comments_Case_Studies\" >\u00a0Key Themes from Comments &amp; Case Studies<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_1_Greater_Practical_Flexibility_in_Marketing_Materials\" >\u00a01. Greater Practical Flexibility in Marketing Materials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_2_Still_Rooted_in_Transparency\" >\u00a02. Still Rooted in Transparency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_3_Evidence_of_Regulatory_Evolution\" >\u00a03. Evidence of Regulatory Evolution<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Summary_Quick_Reference\" >\u00a0Summary (Quick Reference)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/lite14.net\/blog\/2026\/01\/26\/sec-issues-new-faqs-offering-greater-flexibility-under-marketing-rules-2\/#_Final_Takeaway\" >\u00a0Final Takeaway<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"_What_the_Marketing_Rule_Covers\"><\/span>\u00a0What the Marketing Rule Covers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Marketing Rule (Rule\u202f206(4)\u20111)<\/strong> is part of the <strong>Investment Advisers Act of 1940<\/strong> and governs how SEC\u2011registered investment advisers can <strong>advertise and market their services and performance<\/strong>. Its goal is to protect investors by making sure performance results and claims are clear, fair, and not misleading. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<p>The new <strong>FAQs (Frequently Asked Questions)<\/strong> update official staff guidance on the rule \u2014 offering <strong>greater clarity and flexibility<\/strong> for advisers on how they can present certain performance data and other marketing claims without running afoul of the Commission\u2019s compliance expectations. (<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<h2><span class=\"ez-toc-section\" id=\"_Key_Changes_in_the_New_SEC_FAQs_January%E2%80%AF15%E2%80%AF2026\"><\/span>\u00a0Key Changes in the New SEC FAQs (January\u202f15\u202f2026)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"No_%E2%80%9CHard_Rule%E2%80%9D_on_Model_Fees_vs_Actual_Fees\"><\/span><strong>No \u201cHard Rule\u201d on Model Fees vs. Actual Fees<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Previously, some advisers interpreted the rule as requiring <strong>model fees<\/strong> (standard hypothetical fee calculations) if real fees for the target audience were higher \u2014 even when actual net performance might be more favorable.<\/li>\n<li>The new FAQs clarify that there is <strong>no per se prohibition on using actual net performance<\/strong> where relevant, <em>as long as the presentation is fair, not misleading, and appropriately disclosed<\/em>.<\/li>\n<li>This gives advisers more flexibility in how they show performance, especially when actual client fees differ from model fees. (<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>)<\/li>\n<\/ul>\n<p><strong>Why it matters:<\/strong><br \/>\nThis helps reduce confusion and allows advisers to tailor performance presentations more closely to real client outcomes, easing compliance burdens where strict interpretations previously made compliance difficult. (<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=\"Flexibility_on_%E2%80%9CExtracted_Performance%E2%80%9D_Performance_Metrics\"><\/span><strong>Flexibility on \u201cExtracted Performance\u201d &amp; Performance Metrics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Marketing Rule requires that <strong>gross performance<\/strong> (pre\u2011fee) be paired with <strong>net performance<\/strong> (after fees) to avoid misleading investors.<\/li>\n<li>Under the updated FAQs, advisers may <strong>present certain extracted performance<\/strong> (e.g., the performance of a specific investment or group of investments) <em>without also showing the net numbers<\/em>, <strong>if certain conditions are met<\/strong>:\n<ul>\n<li>The extracted performance must be clearly identified as gross performance.<\/li>\n<li>The total portfolio\u2019s gross and net performance must also be presented in advertising with equal prominence.<\/li>\n<li>The performance period used for the portfolio must encompass the entire period of the extracted performance.<\/li>\n<\/ul>\n<\/li>\n<li>Additionally, advisers may present some <strong>performance\u2011related characteristics<\/strong> (like yield, contribution to return, volatility, Sharpe ratio, etc.) on a gross basis under similar conditions, even if they\u2019re unclear whether these are strictly \u201cperformance\u201d under the rule. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/li>\n<\/ul>\n<p><strong>Why it matters:<\/strong><br \/>\nThis provides much\u2011needed <strong>practical flexibility<\/strong>, especially for private fund managers and others who struggled with calculating and presenting net performance for small subsets of investments. It reduces the need to always show net performance for every statistic advertisers want to highlight, if done responsibly. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Testimonials_Endorsements_Clarified\"><\/span><strong>Testimonials &amp; Endorsements Clarified<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>In addition to performance presentation, the SEC confirmed that <strong>testimonials and endorsements<\/strong> from individuals <strong>without disqualifying events<\/strong> can be used, even if the regulatory order came from a self\u2011regulatory organization (like FINRA) and didn\u2019t include a bar, suspension, or prohibition.<\/li>\n<li>This expands on the Marketing Rule\u2019s existing approach to endorsements, adding clarity about what kinds of disciplinary histories don\u2019t automatically bar someone from giving compensated testimonials. (<a title=\"SEC Addresses Marketing Rule under Investment Advisors Act FAQs\" href=\"https:\/\/natlawreview.com\/article\/marketing-rule-relief-investment-advisers-sec-staff-clarifies-flexibility-model?utm_source=chatgpt.com\">National Law Review<\/a>)<\/li>\n<\/ul>\n<p><strong>Why it matters:<\/strong><br \/>\nThis clarification gives advisers and marketers greater confidence when using testimonials or endorsements in marketing materials \u2014 as long as conditions and disclosures are appropriate. (<a title=\"SEC Addresses Marketing Rule under Investment Advisors Act FAQs\" href=\"https:\/\/natlawreview.com\/article\/marketing-rule-relief-investment-advisers-sec-staff-clarifies-flexibility-model?utm_source=chatgpt.com\">National Law Review<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Why_the_New_FAQs_Are_Significant\"><\/span>\u00a0Why the New FAQs Are Significant<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Greater_Practical_Flexibility\"><\/span><strong>Greater Practical Flexibility<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The new guidance reflects the SEC staff\u2019s willingness to interpret the Marketing Rule <em>flexibly<\/em>, provided advisers stick to the law\u2019s anti\u2011fraud and transparency principles. (<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>This is especially important for:<\/p>\n<ul>\n<li><strong>Private fund managers<\/strong> who want to highlight specific performance characteristics without violating the rule. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/li>\n<li><strong>Advisers dealing with fee variability<\/strong>, where strict interpretations of prior guidance made straightforward advertising awkward or potentially non\u2011compliant. (<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>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Industry_Reaction_Compliance_Considerations\"><\/span>\u00a0Industry Reaction &amp; Compliance Considerations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Adviser_Compliance_Teams\"><\/span><strong>Adviser Compliance Teams<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Legal and compliance professionals have welcomed the new FAQs as <strong>helpful and clarifying<\/strong>, especially the flexibility around gross vs. net performance presentations. Many see this as a practical way to meet marketing objectives <em>without undermining investor protections<\/em>. (<a title=\"SEC staff releases guidance relaxing certain aspects of marketing and fundraising\" href=\"https:\/\/www.hoganlovells.com\/en\/publications\/sec-staff-releases-guidance-relaxing-certain-aspects-of-marketing-and-fundraising-?utm_source=chatgpt.com\">www.hoganlovells.com<\/a>)<\/p>\n<p>However, the FAQs <strong>do not change the underlying law<\/strong> \u2014 they <em>interpret<\/em> it. That means:<\/p>\n<ul>\n<li>Advisers still need to ensure <strong>full, accurate, and non\u2011misleading disclosures<\/strong>. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/li>\n<li>Compliance programs need to update marketing materials and related policies to align with the new interpretation. (<a title=\"SEC Provides Helpful Marketing Rule\" href=\"https:\/\/www.vedderprice.com\/-\/media\/files\/vedder-thinking\/publications\/2025\/4\/sec-provides-helpful-marketing-rule-faq-guidance.pdf?utm_source=chatgpt.com\">Vedder<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Ongoing_Enforcement_Expectations\"><\/span><strong>Ongoing Enforcement Expectations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The SEC has made clear that, while FAQs provide interpretive relief, <strong>staff can still examine and enforce compliance<\/strong> based on all facts and circumstances. Clear disclosures and transparent comparisons remain essential. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Key_Takeaways\"><\/span>\u00a0Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Topic<\/th>\n<th>What\u2019s Changed<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Net vs. Model Fees<\/strong><\/td>\n<td>Advisers <em>may<\/em> use actual net performance with appropriate disclosure rather than always relying on model fees. (<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>)<\/td>\n<\/tr>\n<tr>\n<td><strong>Performance Presentation<\/strong><\/td>\n<td>Extracted performance &amp; certain metrics can sometimes be shown gross only, with conditions. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/td>\n<\/tr>\n<tr>\n<td><strong>Testimonials\/Endorsements<\/strong><\/td>\n<td>Clarified that certain self\u2011regulatory disciplinary histories aren\u2019t disqualifying. (<a title=\"SEC Addresses Marketing Rule under Investment Advisors Act FAQs\" href=\"https:\/\/natlawreview.com\/article\/marketing-rule-relief-investment-advisers-sec-staff-clarifies-flexibility-model?utm_source=chatgpt.com\">National Law Review<\/a>)<\/td>\n<\/tr>\n<tr>\n<td><strong>Ongoing Compliance<\/strong><\/td>\n<td>FAQs offer guidance but don\u2019t change the law; advisers must still ensure disclosures are appropriate. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Why_This_Matters_for_Investors\"><\/span>\u00a0Why This Matters for Investors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While these FAQs mainly affect <strong>investment adviser marketing practices<\/strong>, they indirectly benefit <strong>investors<\/strong> by:<\/p>\n<ul>\n<li>Making performance information clearer and more relevant. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/li>\n<li>Reducing confusion about how results and metrics are presented. (<a title=\"SEC staff releases guidance relaxing certain aspects of marketing and fundraising\" href=\"https:\/\/www.hoganlovells.com\/en\/publications\/sec-staff-releases-guidance-relaxing-certain-aspects-of-marketing-and-fundraising-?utm_source=chatgpt.com\">www.hoganlovells.com<\/a>)<\/li>\n<li>Enhancing transparency around testimonials and endorsements. (<a title=\"SEC Addresses Marketing Rule under Investment Advisors Act FAQs\" href=\"https:\/\/natlawreview.com\/article\/marketing-rule-relief-investment-advisers-sec-staff-clarifies-flexibility-model?utm_source=chatgpt.com\">National Law Review<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<p>Here\u2019s a <strong>case\u2011study\u2013style breakdown<\/strong> of the <strong>SEC\u2019s new FAQs offering greater flexibility under the Marketing Rule (Rule\u202f206(4)\u20111)<\/strong> \u2014 including <strong>specific examples (case studies) and comments from the industry and professionals<\/strong> about the guidance and its impact:<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Case_Study%E2%80%AF1_%E2%80%94_Extracted_Performance_Flexibility\"><\/span>\u00a0Case Study\u202f1 \u2014 <strong>Extracted Performance Flexibility<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_What_the_SEC_Changed\"><\/span>\u00a0What the SEC Changed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Under prior FAQ guidance on the Marketing Rule, advisers <strong>couldn\u2019t present raw performance of a single investment or subset of investments (\u201cextracted performance\u201d) without showing corresponding net performance<\/strong> \u2014 which made practical use of case studies difficult. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<p>The <strong>new FAQs (updated Jan.\u202f15\u202f2026)<\/strong> clarify that the SEC <strong>staff will not recommend enforcement action<\/strong> if an adviser shows <strong>gross performance for an extract<\/strong> <em>without<\/em> accompanying net performance <strong>provided certain conditions are met<\/strong>, such as:<\/p>\n<ol>\n<li>Clearly labelling extracted performance as gross only, and<\/li>\n<li>Presenting the total portfolio\u2019s <strong>gross and net performance with equal prominence<\/strong> alongside the extract. (<a title=\"SEC Updates Marketing Rule Guidance | Davis Wright Tremaine\" href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2025\/03\/sec-updates-marketing-rule-guidance?utm_source=chatgpt.com\">dwt.com<\/a>)<\/li>\n<\/ol>\n<p>This \u201ccase study\u201d change means advisers can <em>highlight individual investments or strategies in marketing materials<\/em> in a more intuitive way, without automatically having to compute net extracted returns that might be impossible or materially misleading. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Case_Study%E2%80%AF2_%E2%80%94_Portfolio_or_Investment_Characteristics\"><\/span>\u00a0Case Study\u202f2 \u2014 <strong>Portfolio or Investment Characteristics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_Background\"><\/span>\u00a0Background<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There was once confusion over whether certain <strong>portfolio metrics<\/strong> \u2014 like yield, volatility, contribution to return, or Sharpe ratios \u2014 should be treated as \u201cperformance\u201d under the rule (which would require both gross and net versions). (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_What_the_FAQs_Allow\"><\/span>\u00a0What the FAQs Allow<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Under the new FAQs, these characteristics can sometimes be presented <strong>on a gross basis alone<\/strong> in advertising <em>without corresponding net data<\/em>, <em>if<\/em> the adviser also displays the total portfolio\u2019s gross and net performance with equal treatment. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/p>\n<p><strong>Example scenario:<\/strong> An adviser preparing a pitch deck might want to show <strong>gross contribution to return<\/strong> for a particular sector in a private fund case study. Under the original strict reading, this would have required net data \u2014 which can be complex and confusing. The updated FAQ allows this <em>if total portfolio net metrics are included and clearly labelled.<\/em> (<a title=\"SEC Updates Marketing Rule Guidance | Davis Wright Tremaine\" href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2025\/03\/sec-updates-marketing-rule-guidance?utm_source=chatgpt.com\">dwt.com<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Industry_Professional_Comments\"><\/span>\u00a0Industry &amp; Professional Comments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_Adviser_Compliance_Teams\"><\/span>\u00a0Adviser Compliance Teams<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Many compliance professionals saw these updated FAQs as a <strong>practical improvement<\/strong> that removes some \u201croadblocks\u201d to good marketing practice:<\/p>\n<ul>\n<li><strong>Reduced operational burden:<\/strong> Advisers no longer have to compute net performance for every tiny subset or metric, which was often <strong>impractical or misleading<\/strong> when fee allocation across investments is complex. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/li>\n<li><strong>Case studies become usable:<\/strong> The ability to use <em>isolated investment case studies<\/em> with gross performance simplifies storytelling in marketing brochures or pitch decks <em>without automatically triggering net performance requirements for each example<\/em>. (<a title=\"SEC Updates Marketing Rule Guidance | Davis Wright Tremaine\" href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2025\/03\/sec-updates-marketing-rule-guidance?utm_source=chatgpt.com\">dwt.com<\/a>)<\/li>\n<\/ul>\n<p>These comments generally reflect relief rather than controversy, because the FAQs still emphasize <strong>fair and balanced presentation<\/strong> (e.g., neither hiding fees nor misleading investors). (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Real%E2%80%91World_Examples_Commented_by_Legal_Advisors\"><\/span>\u00a0Real\u2011World Examples Commented by Legal Advisors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_Comment_by_Regulatory_Attorneys\"><\/span>\u00a0Comment by Regulatory Attorneys<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Legal advisers have publicly remarked that this <strong>represents an interpretive shift<\/strong> from earlier FAQ interpretations that seemed <em>rigid<\/em> about net\u2011only presentations for extracted performance:<\/p>\n<blockquote><p>\u201cThe SEC staff reversed its earlier approach and now provides the necessary conditions under which gross\u2011only extracted performance and certain characteristics may be shown without net metrics.\u201d (<a title=\"Past Guidance is No Assurance of Future Guidance: SEC Staff Reverses Course with New Marketing Rule FAQs on Extracted Performance and Portfolio Characteristics | Insights | Mayer Brown\" href=\"https:\/\/www.mayerbrown.com\/en\/insights\/publications\/2025\/03\/past-guidance-is-no-assurance-of-future-guidance-sec-staff-reverses-course-with-new-marketing-rule-faqs-on-extracted-performance-and-portfolio-characteristics?utm_source=chatgpt.com\">Mayer Brown<\/a>)<\/p><\/blockquote>\n<p>This kind of commentary suggests that the <strong>FAQs are not loosening investor protection<\/strong> but rather <strong>offering practical compliance clarity<\/strong> \u2014 something the industry had asked for since the Marketing Rule was fully adopted. (<a title=\"Past Guidance is No Assurance of Future Guidance: SEC Staff Reverses Course with New Marketing Rule FAQs on Extracted Performance and Portfolio Characteristics | Insights | Mayer Brown\" href=\"https:\/\/www.mayerbrown.com\/en\/insights\/publications\/2025\/03\/past-guidance-is-no-assurance-of-future-guidance-sec-staff-reverses-course-with-new-marketing-rule-faqs-on-extracted-performance-and-portfolio-characteristics?utm_source=chatgpt.com\">Mayer Brown<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Key_Themes_from_Comments_Case_Studies\"><\/span>\u00a0Key Themes from Comments &amp; Case Studies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_1_Greater_Practical_Flexibility_in_Marketing_Materials\"><\/span>\u00a01. <strong>Greater Practical Flexibility in Marketing Materials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The FAQs reflect the reality that advisers need to use <strong>case studies, specific investment examples, and portfolio metrics<\/strong> in promotional materials \u2014 and it\u2019s unrealistic to show a matched net metric for every piece of that content. (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_2_Still_Rooted_in_Transparency\"><\/span>\u00a02. <strong>Still Rooted in Transparency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The SEC staff hasn\u2019t changed the <strong>rule itself<\/strong>, and the FAQs explicitly <em>do not alter legal obligations<\/em> \u2014 they clarify how the rule <em>may be interpreted in practice<\/em>. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_3_Evidence_of_Regulatory_Evolution\"><\/span>\u00a03. <strong>Evidence of Regulatory Evolution<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>These FAQs are one more example of how <em>long\u2011standing principles<\/em> (like fair, balanced, non\u2011misleading marketing) are being blended with <em>real\u2011world needs<\/em> (e.g., case studies and characteristic metrics) in a way that professionals find more workable. (<a title=\"SEC Updates Marketing Rule Guidance | Davis Wright Tremaine\" href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2025\/03\/sec-updates-marketing-rule-guidance?utm_source=chatgpt.com\">dwt.com<\/a>)<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Summary_Quick_Reference\"><\/span>\u00a0Summary (Quick Reference)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Focus Area<\/th>\n<th>Old Interpretation<\/th>\n<th>New FAQ Flexibility<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Extracted performance in adverts<\/td>\n<td>Required net performance for each extract<\/td>\n<td>Gross extracted performance allowed if total portfolio gross &amp; net shown equally (<a title=\"SEC Updates Marketing Rule Guidance | Davis Wright Tremaine\" href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2025\/03\/sec-updates-marketing-rule-guidance?utm_source=chatgpt.com\">dwt.com<\/a>)<\/td>\n<\/tr>\n<tr>\n<td>Portfolio characteristics (e.g., yield)<\/td>\n<td>Treated as performance requiring net equivalent<\/td>\n<td>Can be shown gross alone with disclosure and total portfolio net\/gross (<a title=\"SEC's Division of Investment Management Updates Marketing Rule FAQs | Insights | Holland &amp; Knight\" href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2025\/03\/secs-division-of-investment-management-updates-marketing?utm_source=chatgpt.com\">hklaw.com<\/a>)<\/td>\n<\/tr>\n<tr>\n<td>Net vs. model fee presentation<\/td>\n<td>Some interpreted as requiring model fees when anticipated fees differ<\/td>\n<td>Clarified that actual net performance can be used <em>with clear disclosure<\/em> (<a title=\"SEC Addresses Marketing Rule under Investment Advisors Act FAQs\" href=\"https:\/\/natlawreview.com\/article\/marketing-rule-relief-investment-advisers-sec-staff-clarifies-flexibility-model?utm_source=chatgpt.com\">National Law Review<\/a>)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"_Final_Takeaway\"><\/span>\u00a0Final Takeaway<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SEC\u2019s updated FAQs on the Marketing Rule don\u2019t rewrite the rule \u2014 but they <strong>provide advisers much\u2011needed clarity and real\u2011world flexibility<\/strong> about how to use <strong>case studies, specific investment examples, and portfolio metrics<\/strong> in compliant marketing materials, without sacrificing core investor protections. (<a title=\"SEC.gov | Marketing Compliance - Frequently Asked Questions\" href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/marketing-compliance-frequently-asked-questions?utm_source=chatgpt.com\">SEC<\/a>)<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0What the Marketing Rule Covers The Marketing Rule (Rule\u202f206(4)\u20111) is part of the Investment Advisers Act of 1940 and governs how SEC\u2011registered investment advisers can&#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-18815","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; 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