On December 16, 2025, the Securities and Exchange Commission’s (“SEC“) Division of Examinations issued a Risk Alert highlighting several recurring deficiencies in investment advisers’ compliance with the provisions of Advisers Act Rule 206(4)-1 (the “Marketing Rule”) governing use of testimonials and endorsements as well as third-party ratings. These observations serve as useful reminders of the basic compliance expectations that advisers must continue to uphold. The tone of the Risk Alert is co...
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