Rule 206(4)-1(d)(3)

Performance: prohibition on representations that SEC has approved or reviewed any calculation/presentation

performancesec-approvalmisrepresentation

Verbatim from the rule

An advertisement may not include any statement, express or implied, that the calculation or presentation of performance results in the advertisement has been approved or reviewed by the Commission.

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

What violations look like

The SEC has reviewed our compliance program.

Why it's flagged: Implies SEC approval of the firm's calculations or marketing. Advisers may state registration, but never endorsement.

Compliant rewrite

Registered with the SEC. Registration does not imply any level of skill or training, nor an endorsement by the Commission.

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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.