Rule 206(4)-1(a)(1)

General prohibition: untrue statements / material omissions

material-factomissionmisleadinggeneral-prohibition

Verbatim from the rule

An advertisement may not include any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not misleading.

Source: 17 CFR § 275.206(4)-1 on eCFR.

What violations look like

Newsletter

We're projecting another double-digit year for our clients in 2026 as the Fed pivots.

Why it's flagged: Forecasting a specific return range without a documented reasonable basis is the textbook example of an untrue statement of material fact.

Compliant rewrite

Remove the projection. Replace with commentary on macro conditions without forecasting a return range.

Run Rule 206(4)-1(a)(1) on your own copy.

Paste any draft — LinkedIn post, newsletter, website copy — and Safe to Publish flags the Rule 206(4)-1(a)(1) issues with citations to the rule and a suggested rewrite.

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This page is for educational purposes and is not legal advice. Safe to Publish is not a law firm. Compliance decisions remain the responsibility of the registered investment adviser. See Terms.