General prohibition: performance results that are not fair and balanced
An advertisement may not include or exclude performance results, or present performance time periods, in a manner that is not fair and balanced.
What violations look like
Q3 2025: +14.8%
Why it's flagged: A single quarter shown without max-drawdown disclosure, without the broader-period context, without volatility metrics. Selective performance presentation is the textbook (a)(6) violation — distinct from (d)(1) gross/net.
Pair the quarterly figure with year-to-date, 1-year, and since-inception net returns, plus the maximum drawdown over the same period.
Returned 18.2% last year — outperforming our 12% benchmark.
Why it's flagged: Without naming the benchmark, the reader can’t evaluate whether the comparison is apt. Omitting the benchmark identity isn’t fair-and-balanced even when the numbers are accurate.
Returned 18.2% net of fees in 2025 vs the Bloomberg US Aggregate Bond Index’s 12.0% total return for the same period.
Run Rule 206(4)-1(a)(6) on your own copy.
Paste any draft — LinkedIn post, newsletter, website copy — and Safe to Publish flags the Rule 206(4)-1(a)(6) issues with citations to the rule and a suggested rewrite.
Start free trial →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.