On July 29, the North American Securities Administrators Association (“NASAA”) proposed amendments to four model investment adviser rules and requested comments, with the comment period ending August 28, 2025. NASAA’s model rules are not binding until formally adopted by the individual state securities administrator.
With this proposal, NASAA intends to “more closely align” state rules with the SEC’s investment adviser advertising rules. In 2020, the SEC amended Rule 206(4)-1, its investment adviser marketing rule, to, among other things, allow testimonials, endorsements, third-party ratings, and performance advertising so long as certain restrictions and/or conditions are met. NASAA’s proposal mirrors the SEC marketing rule by permitting the following marketing activities: Continue reading ›