The North American Securities Administrators Association (NASAA) released proposed amendments to its model investment adviser advertising rules on July 29, 2025, seeking public comment with a deadline of August 28, 2025.
The proposed changes aim to harmonize state advertising requirements with the SEC Marketing Rule (Rule 206(4)-1), which took effect on November 4, 2022. Currently, most states have their own advertising rules that predate the SEC's overhaul.
Key areas addressed in the proposal include updated provisions for testimonials and endorsements, performance presentation standards, third-party ratings disclosures, and requirements for social media communications.
Texas became the first state to adopt marketing provisions by reference to SEC rules, effective March 2025. The NASAA proposal, if finalized, could lead to broader state-level adoption of Marketing Rule-aligned requirements.
State-registered investment advisers should monitor the rulemaking process, as the final amendments will determine advertising compliance requirements for firms not subject to SEC regulation.