The SEC’s 2025 FAQ Update on the Marketing Rule: What Performance Data You Can Use (and How)

On March 19, 2025, the SEC dropped an update that compliance officers have been waiting for since the Marketing Rule’s enforcement wave began. The new FAQs target the thorniest part of the rule: performance data. It’s not a sweeping rewrite. It’s a set of high-stakes clarifications—delivered with language that should make any adviser’s legal team […]