← All rule pagesRule 206(4)-1(b)(2)
Testimonial/endorsement: clear and prominent disclosure of (b)(1)(i) at time of dissemination
testimonialendorsementclear-and-prominenthyperlink
Distilled from the rule
The disclosures required by paragraph (b)(1)(i) of this section (current client status, compensation status, material conflicts) must be clear and prominent and disseminated at the time the testimonial or endorsement is disseminated. SEC staff has emphasized that hyperlinked disclosures generally do not satisfy "clear and prominent" — the disclosure must be in close proximity to the testimonial or endorsement itself.
What violations look like
Website
Homepage testimonial card with disclosures in 8px gray text at the bottom of the page footer, below the legal disclaimer block.
Why it's flagged: The disclosure isn’t co-prominent with the testimonial. (b)(2) requires examiners to find the disclosure within the same visual unit as the quote — same font size or close to it, immediately adjacent.
Compliant rewrite
Render the disclosure text immediately below the testimonial card, at no smaller than 80% of the quote’s font size, in the same color hierarchy.
Newsletter
A client quote with "*See important disclosures at firm.com/disclosures" as the footnote.
Why it's flagged: Hyperlinked or off-page disclosures fail "clear and prominent." Risk Alert 12/16/25 specifically called this pattern out as a recurring exam finding.
Compliant rewrite
Inline the disclosure as a sub-paragraph beneath the quote. The reader should not have to click anywhere to see it.
Run Rule 206(4)-1(b)(2) on your own copy.
Paste any draft — LinkedIn post, newsletter, website copy — and Safe to Publish flags the Rule 206(4)-1(b)(2) issues with citations to the rule and a suggested rewrite.
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