Marketing Rule Reviews for SEC-Registered Investment Advisers
Independent Review by Former SEC Examiners and Exam Managers
ClearView helps SEC-registered investment advisers evaluate advertisements and marketing practices for compliance with the SEC Marketing Rule. Our former SEC examiners and exam managers review marketing materials, performance presentations, testimonials and endorsements, third-party ratings, disclosures, supporting documentation, and related compliance controls from an examination perspective.
Marketing Rule Compliance From an Examination Perspective
The SEC Marketing Rule governs advertisements by SEC-registered investment advisers. It includes general prohibitions designed to address false or misleading advertising and specific requirements involving performance information, testimonials and endorsements, and third-party ratings.
A Marketing Rule review should evaluate more than the final advertisement. ClearView considers the underlying support for material statements, performance calculations and presentations, required disclosures, relevant agreements, policies and procedures, review and approval processes, and books and records supporting the firm’s marketing practices.
Areas We May Review
Advertisements and General Prohibitions
Review selected advertisements and marketing materials, including website and social media content where applicable, for potentially untrue or misleading statements, material omissions, unsupported material claims, unbalanced presentations of benefits and risks, and other issues under the Marketing Rule’s general prohibitions.
Performance Advertising
Review gross and net performance, applicable time periods, related and extracted performance, presentation methodology, disclosures, and other requirements applicable to advertised performance.
Hypothetical and Predecessor Performance
Where applicable, review hypothetical, model, backtested, and predecessor performance, including applicable policies and procedures, intended-audience considerations, assumptions, disclosures, supporting information, and other conditions under the Marketing Rule.
Testimonials and Endorsements
Review testimonials and endorsements, including applicable disclosures, compensation arrangements, oversight, written agreements where required, and disqualification considerations.
Third-Party Ratings
Review third-party ratings and, where relevant, rankings or awards used in advertisements, including applicable disclosures, the methodology or process underlying the rating, and the adviser’s basis for determining that applicable Marketing Rule conditions have been satisfied.
Substantiation and Supporting Documentation
Evaluate whether the firm maintains appropriate support for material statements of fact, performance information, ratings, rankings, awards, and other claims included in advertisements.
Policies, Procedures, and Review Controls
Assess Marketing Rule policies and procedures, internal review and approval processes, escalation practices, and whether the firm’s controls reflect its actual marketing activities, including the marketing channels the firm uses in practice.
Books and Records and Regulatory Filings
Review relevant Marketing Rule recordkeeping practices and applicable Form ADV disclosures concerning the firm’s marketing activities.
When an Independent Marketing Rule Review May Be Useful
The appropriate scope of a Marketing Rule review depends on the firm’s marketing activities and the regulatory risks presented. An independent review may be particularly useful when a firm is introducing new marketing practices, using performance information, or testing its compliance program.
Before Launching Significant New Marketing
Review significant new websites, campaigns, pitch materials, presentations, or other advertisements before or during implementation to identify potential compliance issues.
When Using Performance Advertising
Obtain an independent review of performance methodology, presentation, disclosures, and supporting records, particularly when advertisements use complex or specialized performance information.
When Using Testimonials, Endorsements, or Third-Party Ratings
Evaluate applicable disclosure, oversight, agreement, disqualification, and third-party rating requirements when the firm adopts or expands these marketing practices.
As Part of Compliance Testing or Examination Readiness
Test whether the firm’s marketing practices, records, disclosures, policies, and review controls operate consistently with applicable requirements and the firm’s actual practices.
Marketing Rule Review Deliverables
ClearView provides clear feedback on the issues identified during the review, why they may matter from an examination perspective, and practical recommendations for addressing them.
Marketing Materials Review
Review selected advertisements and marketing materials within the agreed scope of the engagement.
Findings and Observations
Clear identification of potential Marketing Rule issues and other compliance observations identified during the review.
Performance Review Observations
Where applicable, observations regarding performance methodology, presentation, disclosures, and supporting documentation.
Policy and Procedure Assessment
Assessment of relevant Marketing Rule policies, procedures, review controls, and documentation practices.
Practical Remediation Recommendations
Prioritized recommendations for addressing identified issues and strengthening the firm’s Marketing Rule compliance processes.
Written Review Summary
A written summary of the review scope, materials reviewed, significant observations, and recommended remediation steps.
Former SEC Examination Experience
ClearView’s team includes former SEC examiners and exam managers who spent decades conducting, supervising, and managing examinations of investment advisers and evaluating adviser compliance practices.
That experience informs how we approach Marketing Rule reviews. We focus not only on the content of advertisements, but also on whether material claims can be substantiated, performance is presented appropriately, required disclosures are provided, supporting records are maintained, and the firm’s written policies reflect how its marketing process actually operates.
Related ClearView Services
ClearView offers a range of complementary compliance services for registered investment advisers.
Mock SEC Examinations
Prepare before an actual SEC examination by testing the firm’s compliance program, disclosures, controls, and practices from an examiner’s perspective.
Learn moreAnnual Compliance Reviews
Risk-based annual compliance reviews designed to identify compliance risks, gaps, and remediation priorities before they become examination issues.
Learn moreSEC Examination Support
Support during an actual SEC examination, including document production, interviews, examination responses, potential findings, and remediation.
Learn moreOngoing Compliance Support
Ongoing compliance assistance for RIAs, including testing, filings, policy updates, remediation, and support for the firm’s compliance function.
Learn morePolicies and Procedures Development
Development and enhancement of compliance policies and procedures tailored to the firm’s business activities, regulatory obligations, and compliance risks.
Learn moreRIA Registration & Form ADV Support
Assistance with investment adviser registration, Form ADV filings and amendments, regulatory disclosures, and related filing requirements.
Learn moreNeed an Independent Review of Your Marketing?
Talk with a former SEC examiner or exam manager about your firm’s marketing practices and whether an independent Marketing Rule review would be appropriate.