WASHINGTON, D.C. – (July 29, 2025) – The North American Securities Administrators Association (NASAA) is seeking public comment on proposed amendments to four rules related to investment adviser advertising. The proposal would update the NASAA rules to align them more closely to federal standards. Comments are due on or before August 28, 2025.
The Securities and Exchange Commission (SEC) amended its investment adviser marketing rule (Rule 206(4)-1) in 2020. Notably, the SEC revised its rule to permit testimonials, endorsements, third-party ratings, and performance reports in investment adviser marketing provided certain regulatory standards are met. The proposal would update NASAA’s rules by making changes designed to more closely align them to the SEC’s current investment adviser advertising standards.
“These proposed amendments reflect NASAA’s efforts to provide a model for updates to state investment adviser advertising rules based in part on changes made by the SEC to marketing rules for SEC-registered advisers,” said NASAA President Leslie Van Buskirk. “We welcome public input and thank the Investment Adviser Regulatory Section Policy and Review Project Group for their work on this proposal.”
“We look forward to hearing from stakeholders on this updated proposal. NASAA remains committed to ensuring that investors receive the protections they deserve and to encouraging uniform regulatory standards for state-registered investment advisers,” said Stephen Brey, Chair of the NASAA Investment Adviser Section and Co-Chair of the Regulatory Section Policy and Review Project Group.
To review the proposed amendments, visit nasaa.org.
– NASAA–
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
