On May 4, 2026, NASAA announced that its membership had voted to adopt amendments to four model rules governing investment adviser advertising, modernizing state standards and bringing them into closer alignment with the SEC Marketing Rule (the SEC's amended Rule 206(4)-1).
The four amended model rules are the Unethical Business Practices rule (Model Rule 102(a)(4)-1), the Prohibited Conduct rule (Model Rule USA 2002 502(b)), and two recordkeeping rules (Model Rule 203(a)-2 and Model Rule USA 2002 411(c)-1).
The amendments permit state-registered investment advisers to use testimonials, endorsements, and certain performance reporting subject to specified conditions and guardrails — practices that many state rules historically restricted more tightly than the SEC.
Importantly, the amendments do not automatically change any individual state's rules. Each jurisdiction must adopt implementing changes before the standards take effect locally, and NASAA stated it will work with members on implementation. The amendments followed the public comment period that closed August 28, 2025.
State-registered advisers should watch their own state's rulemaking to determine when, and in what form, the modernized advertising standards become effective in the jurisdictions where they are registered.