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Advertising Compliance — Investment Marketing & Communications

广告合规——投资营销与沟通

Purpose

目的

Ensure investment advertising and marketing communications comply with the SEC Marketing Rule, FINRA Rule 2210, and related regulatory requirements. This skill covers performance advertising constraints, testimonial and endorsement disclosures, social media supervision, third-party ratings, recordkeeping obligations, and current SEC enforcement priorities.
确保投资广告和营销沟通符合SEC营销规则、FINRA规则2210及相关监管要求。本技能涵盖绩效广告限制、推荐与背书披露、社交媒体监管、第三方评级、记录保存义务以及SEC当前的执法重点。

Layer

层级

9 — Compliance & Regulatory Guidance
9 — 合规与监管指引

Direction

适用方向

prospective
前瞻性

When to Use

适用场景

  • Reviewing or drafting marketing materials for an investment adviser or broker-dealer
  • Presenting investment performance in advertisements, pitchbooks, or websites
  • Evaluating whether hypothetical, backtested, or extracted performance can be shown and under what conditions
  • Using client testimonials or endorsements in marketing materials
  • Posting investment-related content on social media (firm accounts or associated persons' accounts)
  • Incorporating third-party ratings or rankings in advertisements
  • Assessing whether predecessor or portability performance can be presented
  • Designing compliance review workflows for advertising approval
  • Responding to SEC or FINRA examination findings on advertising practices
  • Establishing recordkeeping procedures for advertisements and marketing communications
  • 为投资顾问或经纪交易商审核或起草营销材料
  • 在广告、推介书或网站中展示投资绩效
  • 评估是否可展示假设、回测或提取式业绩，以及适用条件
  • 在营销材料中使用客户推荐或背书
  • 在社交媒体上发布投资相关内容（公司账户或关联人员账户）
  • 在广告中纳入第三方评级或排名
  • 评估是否可呈现前任业绩或可移植性业绩
  • 设计广告审批的合规审核流程
  • 回应对广告实践的SEC或FINRA检查结果
  • 建立广告和营销沟通的记录保存程序

Core Concepts

核心概念

SEC Marketing Rule (Rule 206(4)-1)

SEC营销规则（规则206(4)-1）

Effective November 4, 2022, the SEC's Marketing Rule replaced both the prior Advertising Rule (old Rule 206(4)-1) and the Cash Solicitation Rule (old Rule 206(4)-3) for investment advisers registered under the Investment Advisers Act of 1940. The rule applies to any "advertisement" — defined broadly as (1) any direct or indirect communication by an adviser that offers or promotes investment advisory services, or (2) any endorsement or testimonial for which the adviser provides compensation.
Seven general prohibitions. An advertisement may not:
  1. Include untrue statements of material fact or omit material facts necessary to make the statement not misleading in light of the circumstances.
  2. Include material statements of fact that the adviser does not have a reasonable basis for believing it can substantiate upon demand by the SEC.
  3. Include information that would reasonably be likely to cause an untrue or misleading inference to be drawn about a material fact relating to the adviser.
  4. Discuss potential benefits without providing fair and balanced treatment of associated material risks or limitations. A one-sided presentation of returns without discussing the corresponding risks violates this prohibition.
  5. Reference specific investment advice in a misleading manner. This prohibition targets cherry-picking — presenting only favorable past recommendations while omitting unfavorable ones.
  6. Include or exclude performance results, or present performance time periods, in a manner that is not fair and balanced. This encompasses selective time-period presentation, choosing only the best-performing periods and ignoring others.
  7. Be otherwise materially misleading.
These prohibitions apply to all advertisements regardless of the audience. There is no "sophisticated investor" exception — even materials shown only to institutional investors must comply.
SEC营销规则于2022年11月4日生效，取代了1940年《投资顾问法》下注册投资顾问原有的广告规则（旧规则206(4)-1）和现金招揽规则（旧规则206(4)-3）。该规则适用于任何“广告”——广义定义为：(1) 顾问提供或推广投资咨询服务的任何直接或间接沟通；(2) 顾问为此提供补偿的任何推荐或背书。
七项一般性禁令：广告不得：
  1. 包含重大事实的不实陈述或遗漏重大事实，而这些事实是使陈述在特定情境下不具误导性所必需的。
  2. 包含顾问没有合理依据相信能应SEC要求予以证实的重大事实陈述。
  3. 包含可能导致对顾问相关重大事实产生不实或误导性推断的信息。
  4. 仅讨论潜在收益而未公平、均衡地阐述相关重大风险或局限性。片面展示收益却不讨论对应风险违反本禁令。
  5. 以误导性方式提及特定投资建议。本禁令针对“选择性挑选”行为——仅展示过去有利的建议而忽略不利建议。
  6. 以不公平、不均衡的方式包含或排除业绩结果，或呈现业绩时间段。这包括选择性展示时间段，仅选择表现最佳的时段而忽略其他时段。
  7. 存在其他重大误导性内容。
这些禁令适用于所有广告，无论受众是谁。不存在“成熟投资者”例外——即使仅向机构投资者展示的材料也必须合规。

Performance Advertising Under the Marketing Rule

营销规则下的绩效广告

Performance presentation is the most technically demanding area of advertising compliance. The Marketing Rule imposes specific requirements depending on the type of performance shown.
Net performance requirement. Whenever gross performance is presented, net performance must also be shown with at least equal prominence. Net performance must reflect the deduction of all fees and expenses that a client would pay, including advisory fees, custodial fees, and any other fees the adviser charges. Model fees are permitted only if they reflect the adviser's current fee schedule and the highest fee charged to the relevant audience.
Time period requirements. Performance must be shown for standardized time periods of 1-year, 5-year, and 10-year periods (or since inception if the track record is shorter than the prescribed period). These periods must end on the most recent practicable date. An adviser cannot show only a favorable 3-year period while omitting the required 1-, 5-, and 10-year figures.
Hypothetical performance. Includes backtested performance, model performance, and targeted or projected returns. The Marketing Rule permits hypothetical performance only if the adviser:
  • Adopts and implements written policies and procedures reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and investment objectives of the intended audience.
  • Provides sufficient information to enable the intended audience to understand the criteria used and assumptions made in calculating the hypothetical performance.
  • Provides (or, if the intended audience is an investor in a private fund, provides or offers to provide promptly) sufficient information to enable the intended audience to understand the risks and limitations of using such hypothetical performance in making investment decisions.
Hypothetical performance cannot be used in advertisements directed to a mass audience (such as a public website accessible to all visitors) unless appropriate controls are in place (e.g., requiring the viewer to enter information demonstrating that the content is relevant to their situation before accessing the hypothetical performance).
Extracted performance. When showing the performance of a subset of investments from a portfolio (for example, only the equity sleeve of a balanced account), the total portfolio performance must be presented alongside it. The purpose is to prevent advisers from highlighting only the best-performing segment of a portfolio in isolation.
Related performance (predecessor performance and portability). An adviser may present performance from a predecessor firm or from an account managed at a prior employer, but only if:
  • The person or persons primarily responsible for achieving the prior performance manage accounts at the current adviser.
  • The accounts managed at the prior firm are sufficiently similar to the accounts currently managed that the prior performance provides relevant information.
  • All accounts managed in a substantially similar manner are included (no cherry-picking of the best-performing accounts).
  • The advertisement clearly discloses that the performance was achieved at a different entity and describes any differences in personnel, investment process, or account structure.
绩效呈现是广告合规中技术要求最高的领域。营销规则根据展示的绩效类型施加特定要求。
净绩效要求：无论何时展示总绩效，必须以至少同等显著的程度展示净绩效。净绩效必须反映客户需支付的所有费用和开支，包括咨询费、托管费及顾问收取的任何其他费用。仅当模型费用反映顾问当前的收费标准以及向相关受众收取的最高费用时，才允许使用模型费用。
时间段要求：绩效必须按标准化时间段展示，即1年、5年和10年时间段（若业绩记录短于规定时间段，则自成立之日起）。这些时间段必须截止到最近可行日期。顾问不得仅展示有利的3年时间段而省略规定的1年、5年和10年数据。
假设绩效：包括回测绩效、模型绩效以及目标或预测收益。营销规则仅允许在以下情况下使用假设绩效：
  • 采用并实施书面政策和程序，合理确保假设绩效与目标受众的可能财务状况和投资目标相关。
  • 提供足够信息，使目标受众能够理解计算假设绩效所使用的标准和假设。
  • 提供（或若目标受众是私募基金投资者，及时提供或承诺提供）足够信息，使目标受众能够理解在投资决策中使用此类假设绩效的风险和局限性。
除非具备适当控制措施（例如要求浏览者输入信息以证明内容与其情况相关，方可访问假设绩效），否则不得在面向大众受众的广告（如对所有访客开放的公共网站）中使用假设绩效。
提取式绩效：当展示投资组合中部分投资的绩效（例如仅展示平衡账户中的股票部分）时，必须同时展示整个投资组合的绩效。此举旨在防止顾问孤立地突出投资组合中表现最佳的部分。
相关绩效（前任业绩与可移植性）：顾问可展示来自前任公司或在先前雇主处管理的账户的绩效，但必须满足以下条件：
  • 主要负责取得先前业绩的人员在当前顾问公司管理账户。
  • 先前公司管理的账户与当前管理的账户足够相似，使得先前业绩能够提供相关信息。
  • 纳入所有以基本相似方式管理的账户（不得选择性挑选表现最佳的账户）。
  • 广告明确披露该业绩是在不同实体取得的，并说明人员、投资流程或账户结构的任何差异。

Testimonials and Endorsements

推荐与背书

The Marketing Rule permits investment advisers to use testimonials (statements by current clients about their experience) and endorsements (statements by non-clients — including solicitors — recommending the adviser) in advertising, overturning the prior blanket prohibition. However, specific disclosure requirements apply.
Required disclosures for all testimonials and endorsements:
  1. Whether the person giving the testimonial or endorsement is a current client or investor. For endorsements, whether the person is affiliated with the adviser.
  2. Whether the person was compensated (cash or non-cash) for providing the testimonial or endorsement.
  3. A description of any material conflicts of interest on the part of the person giving the testimonial or endorsement.
Additional requirements when compensation is provided:
  • If the promoter (formerly "solicitor") receives cash compensation of more than $1,000 (or non-cash compensation of more than $1,000 in value) over the preceding 12 months, the adviser must enter into a written agreement with the promoter.
  • The written agreement must describe the scope of the promoter's activities and the terms of compensation.
  • The adviser must have a reasonable basis for believing the promoter complies with the terms of the agreement.
  • The adviser must reasonably oversee the promoter's activities.
Disqualification provisions. Certain persons are ineligible to serve as promoters — specifically those who have been subject to SEC disciplinary orders, certain criminal convictions, or other disqualifying events within the prior 10 years.
营销规则允许投资顾问在广告中使用推荐（现有客户关于其体验的陈述）和背书（非客户——包括招揽者——推荐顾问的陈述），推翻了此前的全面禁令。但需遵守特定披露要求。
所有推荐与背书的强制披露：
  1. 提供推荐或背书的人是否为现有客户或投资者。对于背书，需说明该人是否与顾问存在关联。
  2. 提供推荐或背书的人是否获得了补偿（现金或非现金）。
  3. 描述提供推荐或背书的人存在的任何重大利益冲突。
提供补偿时的额外要求：
  • 若推广者（原“招揽者”）在过去12个月内获得超过1000美元的现金补偿（或价值超过1000美元的非现金补偿），顾问必须与推广者签订书面协议。
  • 书面协议必须描述推广者的活动范围和补偿条款。
  • 顾问必须有合理依据相信推广者遵守协议条款。
  • 顾问必须合理监督推广者的活动。
资格取消条款：某些人员无资格担任推广者——特别是那些在过去10年内受到SEC纪律处分、特定刑事定罪或其他取消资格事件的人员。

Third-Party Ratings

第三方评级

An adviser may include third-party ratings (from publications, ranking organizations, or rating services) in advertisements only if:
  • The rating is not cherry-picked — the adviser does not provide or contribute to the preparation of the rating in a way that favors the adviser.
  • The advertisement includes, or the adviser offers to promptly provide, the questionnaire or survey used to obtain the rating.
  • The advertisement clearly and prominently discloses the date of the rating, the period covered, the identity of the rating organization, and any compensation paid to the rating organization.
Selecting only the highest rating from among several received, or showing a rating from one service while omitting a lower rating from another, would likely violate the anti-cherry-picking prohibition.
顾问仅在满足以下条件时，方可在广告中纳入第三方评级（来自出版物、排名机构或评级服务）：
  • 评级未被选择性挑选——顾问未以有利于自身的方式提供或参与评级的编制。
  • 广告包含或顾问承诺及时提供用于获取评级的问卷或调查。
  • 广告清晰且显著地披露评级日期、涵盖时间段、评级机构的身份以及向评级机构支付的任何补偿。
仅选择获得的多个评级中的最高评级，或展示某一服务的评级而忽略另一服务的较低评级，可能违反反选择性挑选禁令。

FINRA Rule 2210 (Communications with the Public)

FINRA规则2210（与公众的沟通）

FINRA Rule 2210 governs communications by broker-dealer member firms and their associated persons. It establishes three categories with different supervision and filing requirements.
Three categories of communications:
  1. Institutional communication. Distributed only to institutional investors (entities with at least $50 million in total assets, or registered broker-dealers, investment advisers, and banks). These do not require pre-use principal approval but must be subject to training, education, and supervision procedures.
  2. Retail communication. Any written or electronic communication distributed or made available to more than 25 retail investors within any 30-calendar-day period. Retail communications generally require pre-use approval by a registered principal (with limited exceptions for previously approved templates).
  3. Correspondence. Any written or electronic communication distributed or made available to 25 or fewer retail investors within any 30-calendar-day period. Correspondence does not require pre-use principal approval but must be subject to appropriate supervision and review.
Content standards (applicable to all categories):
  • All communications must be fair and balanced. Presentations of benefits must be accompanied by equally prominent discussion of risks and limitations.
  • Communications may not predict or project performance, or imply that past performance will recur, unless there is a reasonable basis for the claim.
  • Claims about products, services, or strategies must not be exaggerated or unwarranted.
  • Comparisons between investments must disclose all material differences, including risk, fees, and liquidity.
  • Testimonials in retail communications must comply with additional FINRA guidance (balanced presentation, disclosure of compensation).
Filing requirements with FINRA:
  • New member firms (within the first year of FINRA membership) must file all retail communications with FINRA at least 10 business days before first use.
  • Options-related retail communications must be filed at least 10 business days before first use.
  • Mutual fund and ETF retail communications must be filed within 10 business days of first use.
  • Communications about registered investment companies (other than mutual funds) must be filed within 10 business days of first use.
FINRA规则2210管辖经纪交易商成员公司及其关联人员的沟通。它确立了三类沟通，分别适用不同的监管和备案要求。
三类沟通：
  1. 机构沟通：仅分发给机构投资者（总资产至少5000万美元的实体，或注册经纪交易商、投资顾问和银行）。此类沟通无需事前负责人批准，但必须接受培训、教育和监管程序。
  2. 零售沟通：在任何30日历天内分发给或提供给超过25名零售投资者的任何书面或电子沟通。零售沟通通常需要注册负责人事前批准（先前批准的模板除外，有有限例外）。
  3. 函件沟通：在任何30日历天内分发给或提供给25名或更少零售投资者的任何书面或电子沟通。函件沟通无需事前负责人批准，但必须接受适当的监管和审核。
内容标准（适用于所有类别）：
  • 所有沟通必须公平且均衡。展示收益时必须同时以同等显著的程度讨论风险和局限性。
  • 沟通不得预测或预估绩效，或暗示过去的绩效将重现，除非有合理依据支持该主张。
  • 关于产品、服务或策略的主张不得夸大或无根据。
  • 投资之间的比较必须披露所有重大差异，包括风险、费用和流动性。
  • 零售沟通中的推荐必须符合FINRA的额外指引（均衡呈现、补偿披露）。
向FINRA的备案要求：
  • 新成员公司（FINRA会员资格成立后一年内）必须在首次使用前至少10个工作日向FINRA备案所有零售沟通。
  • 与期权相关的零售沟通必须在首次使用前至少10个工作日备案。
  • 共同基金和ETF的零售沟通必须在首次使用后10个工作日内备案。
  • 关于注册投资公司（共同基金除外）的沟通必须在首次使用后10个工作日内备案。

Social Media Compliance

社交媒体合规

Social media presents unique advertising compliance challenges. Both the SEC and FINRA have provided guidance on how firms and their associated persons should handle social media content.
Key FINRA guidance documents:
  • Regulatory Notice 10-06 (January 2010): Established the framework for applying existing communication rules to social media.
  • Regulatory Notice 11-39 (August 2011): Addressed social media websites and the use of personal devices.
  • Regulatory Notice 17-18 (April 2017): Updated guidance on social media and digital communications, including text messaging and mobile apps.
Static vs. interactive content:
  • Static content (a blog post, a profile page, pre-scripted content) is treated as advertising/retail communication and generally requires pre-use principal approval and potential FINRA filing.
  • Interactive content (real-time posts, comments, live chat) is treated as correspondence or public appearance. It does not require pre-use approval but must be supervised and may be subject to post-review.
Supervision of associated persons' social media:
  • Firms must have written supervisory procedures (WSPs) addressing associated persons' use of social media for business purposes.
  • Firms must train personnel on the distinction between business and personal use.
  • Third-party posts on a firm's social media page: if the firm adopts, entangles with, or endorses a third-party post (e.g., by sharing, liking, or commenting favorably), the firm may be deemed to have "adopted" the content and become responsible for its compliance.
  • Linking to third-party content can also create compliance obligations if the link implies an endorsement.
Recordkeeping:
  • All business-related social media communications must be captured and retained. Firms must have technology systems in place to archive social media activity.
  • This applies to all platforms — LinkedIn, X (formerly Twitter), Facebook, Instagram, YouTube, and any other platforms used for business.
社交媒体带来了独特的广告合规挑战。SEC和FINRA均已发布指引，说明公司及其关联人员应如何处理社交媒体内容。
FINRA主要指引文件：
  • 监管通知10-06（2010年1月）：确立了将现有沟通规则应用于社交媒体的框架。
  • 监管通知11-39（2011年8月）：针对社交媒体网站和个人设备的使用问题。
  • 监管通知17-18（2017年4月）：更新了关于社交媒体和数字沟通的指引，包括短信和移动应用程序。
静态内容vs交互式内容：
  • 静态内容（博客文章、个人资料页面、预先编写的内容）被视为广告/零售沟通，通常需要事前负责人批准，并可能需要向FINRA备案。
  • 交互式内容（实时帖子、评论、实时聊天）被视为函件沟通或公开露面。无需事前批准，但必须接受监管，并可能需要事后审核。
关联人员社交媒体的监管：
  • 公司必须制定书面监管程序（WSPs），处理关联人员出于商业目的使用社交媒体的问题。
  • 公司必须培训人员区分商业用途和个人用途。
  • 公司社交媒体页面上的第三方帖子：如果公司采纳、参与或认可第三方帖子（例如通过分享、点赞或正面评论），则公司可能被视为“采纳”了该内容，并需对其合规性负责。
  • 链接到第三方内容也可能产生合规义务，如果该链接暗示认可。
记录保存：
  • 所有与业务相关的社交媒体沟通必须被捕获并保留。公司必须具备技术系统来存档社交媒体活动。
  • 这适用于所有平台——LinkedIn、X（原Twitter）、Facebook、Instagram、YouTube以及任何其他用于商业目的的平台。

SEC Enforcement Trends

SEC执法趋势

Recent SEC enforcement actions highlight several priority areas in advertising compliance.
AI-washing. The SEC has brought enforcement actions against advisers that claim to use artificial intelligence in their investment process when AI plays no meaningful role, or when the AI capabilities are materially overstated. Any claim about the use of technology, algorithms, or AI must be accurate and substantiable.
Misleading ESG claims (greenwashing). Advisers and funds that market themselves as ESG-focused must ensure their investment process actually integrates ESG factors as described. The SEC has sanctioned firms for claiming ESG integration in marketing materials while failing to follow through in practice.
Cherry-picked performance. Showing only the best-performing accounts, strategies, or time periods while omitting underperformers remains a perennial enforcement target. The Marketing Rule's fair-and-balanced requirements and the general prohibition against misleading performance presentations make this a high-risk violation.
Inadequate hypothetical disclaimers. Advisers that show backtested or hypothetical performance without adequate disclosure of assumptions, methodology, risks, and limitations face enforcement risk. The SEC has emphasized that boilerplate disclaimers are insufficient — disclosures must be tailored to the specific hypothetical performance being shown.
近期SEC执法行动突出了广告合规中的几个重点领域。
AI虚假宣传（AI-washing）：SEC已对那些声称在投资过程中使用人工智能，但实际上AI未发挥有意义作用，或AI能力被严重夸大的顾问采取执法行动。任何关于技术、算法或AI使用的主张必须准确且可证实。
误导性ESG主张（漂绿）：自称专注于ESG的顾问和基金必须确保其投资流程确实如所述整合了ESG因素。SEC已制裁那些在营销材料中声称整合ESG，但在实践中未落实的公司。
选择性挑选业绩：仅展示表现最佳的账户、策略或时间段而忽略表现不佳的部分，仍然是长期的执法目标。营销规则的公平均衡要求以及禁止误导性业绩呈现的一般性禁令，使这成为高风险违规行为。
假设绩效披露不足：展示回测或假设绩效但未充分披露假设、方法、风险和局限性的顾问面临执法风险。SEC强调，模板化披露是不够的——披露必须针对所展示的特定假设绩效进行定制。

Recordkeeping Requirements

记录保存要求

SEC Rule 204-2(a)(11): Requires registered investment advisers to make and keep true, accurate, and current copies of all advertisements disseminated, directly or indirectly, to any person. These records must be preserved for five years from the end of the fiscal year in which the advertisement was last published or disseminated (with the first two years in an easily accessible location).
This includes all forms of advertisements — print, digital, social media, email blasts, website content, pitchbooks, fact sheets, and any other promotional material.
FINRA recordkeeping: FINRA Rules 3110 (Supervision) and 4511 (General Requirements) require broker-dealers to retain communications with the public for at least three years. Communications related to customer complaints must be retained for at least four years.
Best practices for recordkeeping:
  • Maintain a centralized advertising review log that records the date of each advertisement, the reviewer, the approval status, and any required modifications.
  • Archive all versions of advertisements, including drafts and redlined versions showing compliance review changes.
  • Capture and archive social media content using dedicated compliance archiving tools.
  • Retain documentation of the policies and procedures governing hypothetical performance, including the basis for determining that hypothetical performance is relevant to the intended audience.
SEC规则204-2(a)(11)：要求注册投资顾问制作并保存所有直接或间接向任何人传播的广告的真实、准确和最新副本。这些记录必须自广告最后发布或传播的财政年度结束之日起保留5年（前2年需存放在易于访问的地点）。
这包括所有形式的广告——印刷品、数字内容、社交媒体、电子邮件群发、网站内容、推介书、情况说明书以及任何其他宣传材料。
FINRA记录保存：FINRA规则3110（监管）和4511（一般要求）要求经纪交易商保留与公众的沟通记录至少3年。与客户投诉相关的沟通必须保留至少4年。
记录保存最佳实践：
  • 维护集中式广告审核日志，记录每份广告的日期、审核人、批准状态以及任何必要的修改。
  • 存档广告的所有版本，包括草稿和显示合规审核修改的修订版本。
  • 使用专门的合规存档工具捕获并存档社交媒体内容。
  • 保留管理假设绩效的政策和程序文件，包括确定假设绩效与目标受众相关性的依据。

Worked Examples

实例分析

Example 1: RIA Showing Gross-Only Backtest Results on Website

实例1：RIA在网站上仅展示总回测结果

Scenario: An RIA develops a quantitative equity strategy and publishes backtested performance results on its public website. The backtest shows a 22% annualized return over a 10-year historical period. The results are presented gross of fees. The website is accessible to anyone without registration or qualification.
Compliance Issues:
  1. Net performance omission. The Marketing Rule requires that whenever gross performance is shown, net performance must be presented with at least equal prominence. Showing only gross backtest results violates this requirement.
  2. Hypothetical performance on a mass-audience channel. Backtested performance is hypothetical performance under the Marketing Rule. Hypothetical performance may not be included in advertisements directed to a mass audience unless the adviser has implemented controls to ensure relevance to the viewer. A public website accessible without any qualification or registration is a mass-audience channel.
  3. Missing methodology and assumptions. The advertisement must provide sufficient information for the audience to understand the criteria, assumptions, risks, and limitations of the backtested results. At minimum, this includes the universe of securities, rebalancing frequency, transaction cost assumptions, benchmark used, start and end dates, and whether the strategy was developed using the same historical data (look-ahead bias and overfitting risks).
  4. Missing standardized time periods. Performance must be shown for 1-, 5-, and 10-year periods ending on the most recent practicable date.
  5. Policies and procedures. The adviser must have adopted and implemented written policies and procedures governing the use of hypothetical performance before publishing this content.
Analysis: This advertisement has at least five distinct violations. To remediate: (a) add net performance alongside gross for all periods; (b) implement an access-controlled mechanism (e.g., a questionnaire or login) so that hypothetical performance is shown only to persons for whom it is relevant; (c) add comprehensive methodology disclosures including assumptions, risks, and limitations tailored to the specific backtest; (d) present standardized 1/5/10-year periods; (e) adopt written policies and procedures governing hypothetical performance presentation before republishing. Until remediated, the backtest results should be removed from the public website.
场景：一家注册投资顾问（RIA）开发了量化股票策略，并在其公共网站上发布回测绩效结果。回测显示10年历史期间的年化收益率为22%，结果以总费用前的形式呈现。该网站对任何人开放，无需注册或资格审核。
合规问题：
  1. 遗漏净绩效：营销规则要求，无论何时展示总绩效，必须以至少同等显著的程度展示净绩效。仅展示总回测结果违反此要求。
  2. 面向大众受众渠道的假设绩效：回测绩效属于营销规则下的假设绩效。除非顾问已实施控制措施以确保与浏览者相关，否则不得在面向大众受众的广告中使用假设绩效。无需任何资格审核或注册即可访问的公共网站属于大众受众渠道。
  3. 缺少方法和假设说明：广告必须提供足够信息，使受众能够理解回测结果的标准、假设、风险和局限性。至少应包括证券范围、再平衡频率、交易成本假设、使用的基准、起止日期，以及该策略是否使用相同历史数据开发（前瞻偏差和过拟合风险）。
  4. 缺少标准化时间段：必须展示截止到最近可行日期的1年、5年和10年时间段的绩效。
  5. 政策和程序缺失：顾问在发布此内容前必须已采纳并实施管理假设绩效使用的书面政策和程序。
分析：该广告至少存在5项明确违规。整改措施包括：(a) 在所有时间段的总绩效旁添加净绩效；(b) 实施访问控制机制（例如问卷或登录），仅向相关人员展示假设绩效；(c) 添加针对特定回测的方法披露，包括假设、风险和局限性；(d) 呈现标准化的1/5/10年时间段绩效；(e) 在重新发布前采纳管理假设绩效呈现的书面政策和程序。在整改完成前，应从公共网站上移除回测结果。

Example 2: BD Rep Posting Performance on Personal Social Media

实例2：BD代表在个人社交媒体上发布绩效

Scenario: A registered representative of a broker-dealer posts on their personal Instagram account: "My clients are up 35% this year! DM me to learn how I can help you achieve similar results. #investing #wealth #financialfreedom." The post was not submitted for firm review.
Compliance Issues:
  1. Retail communication without principal pre-approval. If the post reaches or is available to more than 25 retail investors within 30 days (which an Instagram post almost certainly does), it is a retail communication under FINRA Rule 2210 and requires pre-use approval by a registered principal. The rep bypassed this requirement entirely.
  2. Performance claim without required context. The 35% figure is presented without any of the required context — no time period, no benchmark comparison, no disclosure of whether it is gross or net of fees, and no indication of risk. It violates both FINRA's fair-and-balanced requirement and the SEC Marketing Rule's general prohibitions.
  3. Prediction/projection of future results. The phrase "achieve similar results" implies that past performance will recur, violating FINRA Rule 2210's prohibition on predictions or projections without a reasonable basis.
  4. Cherry-picking. Stating "my clients are up 35%" likely refers to a subset of clients or a single account. If the rep's other clients are down or have lower returns, this is selective presentation of performance — a violation of both the Marketing Rule's anti-cherry-picking prohibition and FINRA content standards.
  5. Recordkeeping failure. The firm likely has no record of this communication because it was not submitted through the firm's compliance review and archiving process.
Analysis: The firm should take immediate corrective action: (a) the post must be taken down; (b) the rep must be retrained on social media policies and FINRA communication rules; (c) the firm should review all of the rep's social media activity for other non-compliant posts; (d) the firm should evaluate whether its written supervisory procedures for social media are adequate and whether this failure represents a systemic gap; (e) depending on severity, the firm may need to file a FINRA Rule 4530 report and consider disciplinary action against the rep.
场景：一家经纪交易商（BD）的注册代表在其个人Instagram账户上发布：“我的客户今年盈利35%！私信我，了解我如何帮助你取得类似成果。#投资 #财富 #财务自由”。该帖子未提交公司审核。
合规问题：
  1. 未经负责人事前批准的零售沟通：如果该帖子在30天内触达或可供超过25名零售投资者访问（Instagram帖子几乎肯定会如此），则属于FINRA规则2210下的零售沟通，需要注册负责人事前批准。该代表完全绕过了此要求。
  2. 缺少必要背景的绩效主张：35%的数字未附带任何必要背景——无时间段、无基准比较、未披露是总绩效还是净绩效，也无风险提示。这违反了FINRA的公平均衡要求和SEC营销规则的一般性禁令。
  3. 预测/预估未来成果：“取得类似成果”的表述暗示过去的绩效将重现，违反了FINRA规则2210中禁止无合理依据预测或预估的规定。
  4. 选择性挑选业绩：“我的客户盈利35%”可能指部分客户或单个账户。如果该代表的其他客户亏损或收益较低，则属于选择性展示绩效——违反了营销规则的反选择性挑选禁令和FINRA内容标准。
  5. 记录保存失败：由于该帖子未通过公司的合规审核和存档流程提交，公司可能没有此沟通的记录。
分析：公司应立即采取纠正措施：(a) 删除该帖子；(b) 对该代表进行社交媒体政策和FINRA沟通规则的再培训；(c) 审核该代表的所有社交媒体活动，查找其他不合规帖子；(d) 评估公司的社交媒体书面监管程序是否充分，以及此次失败是否代表系统性漏洞；(e) 根据严重程度，公司可能需要提交FINRA规则4530报告，并考虑对该代表采取纪律处分。

Example 3: Adviser Using Client Testimonials Without Required Disclosures

实例3：顾问使用客户推荐但未进行必要披露

Scenario: An RIA publishes a page on its website titled "What Our Clients Say" featuring five quotes from current clients praising the firm's investment advice and client service. Two of the clients received a $500 reduction in their quarterly advisory fee as a thank-you for providing testimonials. The page includes no disclosures.
Compliance Issues:
  1. Missing disclosure of client status. The Marketing Rule requires disclosure of whether the person giving the testimonial is a current client. The website page does not state this.
  2. Missing disclosure of compensation. Two clients received a fee reduction ($500 each) in exchange for their testimonials. This constitutes compensation and must be disclosed. Even though the amount is below $1,000, the fact of compensation must still be disclosed.
  3. Missing disclosure of conflicts of interest. There is no description of material conflicts of interest. The fact that a client received a fee reduction creates an incentive that could bias their testimonial — this is a material conflict that must be disclosed.
  4. Fair-and-balanced presentation. If the adviser selected only the most favorable testimonials and excluded negative or mixed client feedback, the presentation may violate the general prohibition against cherry-picking or misleading implications.
  5. Policies and procedures. The adviser should have written policies governing the solicitation, selection, and presentation of testimonials, including criteria for choosing which testimonials to display.
Analysis: To remediate, the adviser must add disclosures stating: (a) that the testimonials are from current clients; (b) which testimonials were compensated and the nature of the compensation (fee reduction); (c) a description of the conflict of interest arising from the compensation arrangement. Additionally, the adviser should review whether the selection of testimonials is representative and fair, and adopt written policies and procedures governing testimonial use if none exist. Because the individual fee reductions are under $1,000 over 12 months, a written promoter agreement is not required for these particular testimonials, but the disclosure obligations still apply in full.
场景：一家RIA在其网站上发布题为“客户评价”的页面，展示了5条现有客户赞扬公司投资建议和客户服务的评论。其中两名客户因提供推荐获得了季度咨询费减免500美元的感谢。该页面未包含任何披露内容。
合规问题：
  1. 缺少客户身份披露：营销规则要求披露提供推荐的人是否为现有客户。该网站页面未说明这一点。
  2. 缺少补偿披露：两名客户因提供推荐获得了费用减免（每人500美元），这构成补偿，必须予以披露。即使金额低于1000美元，仍需披露补偿事实。
  3. 缺少利益冲突披露：未描述重大利益冲突。客户获得费用减免这一事实会产生可能使其推荐带有偏见的动机——这是必须披露的重大利益冲突。
  4. 公平均衡呈现：如果顾问仅选择最有利的推荐而排除负面或中性的客户反馈，则该呈现可能违反禁止选择性挑选或误导性暗示的一般性禁令。
  5. 政策和程序缺失：顾问应制定书面政策，管理推荐的招揽、选择和呈现，包括选择展示哪些推荐的标准。
分析：整改时，顾问必须添加以下披露：(a) 推荐来自现有客户；(b) 哪些推荐获得了补偿以及补偿性质（费用减免）；(c) 描述补偿安排产生的利益冲突。此外，顾问应审核推荐的选择是否具有代表性和公平性，若尚未制定管理推荐使用的书面政策和程序，则应予以采纳。由于单个费用减免在12个月内低于1000美元，无需为这些特定推荐签订书面推广者协议，但仍需完全遵守披露义务。

Common Pitfalls

常见陷阱

  • Showing gross performance without corresponding net performance, or burying net figures in footnotes while featuring gross prominently — the Marketing Rule requires at least equal prominence.
  • Publishing backtested or hypothetical performance on a public website without access controls or audience qualification mechanisms.
  • Using boilerplate hypothetical performance disclaimers rather than tailored disclosures that address the specific methodology, assumptions, and limitations of the performance shown.
  • Displaying only the best-performing time period, account, or strategy while omitting underperformers — cherry-picking violates both the Marketing Rule and FINRA content standards.
  • Allowing associated persons to post investment-related content on personal social media accounts without firm review, approval, and archiving.
  • Using client testimonials without the three required disclosures (client status, compensation, conflicts of interest).
  • Treating the distinction between "institutional" and "retail" communications as a compliance safe harbor — the Marketing Rule's seven general prohibitions apply to all advertisements regardless of audience sophistication.
  • Claiming AI, machine learning, or algorithmic capabilities in marketing materials that do not accurately reflect the firm's actual investment process.
  • Marketing a fund or strategy as ESG-integrated when the investment process does not systematically incorporate ESG factors as described.
  • Failing to preserve all advertisements for five years (SEC) or three years (FINRA), including social media posts, email campaigns, and website content.
  • Sharing third-party ratings without disclosing the date, period, methodology, and whether compensation was paid to the rating organization.
  • Assuming that interactive social media posts (tweets, comments, real-time responses) are exempt from all compliance requirements — they are still subject to supervision and recordkeeping even if pre-approval is not required.
  • Presenting predecessor or portability performance without disclosing that it was achieved at a different entity, or without including all similarly managed accounts from the prior firm.
  • 仅展示总绩效而未展示相应的净绩效，或在脚注中隐藏净数据却突出展示总绩效——营销规则要求至少同等显著。
  • 在公共网站上发布回测或假设绩效，未设置访问控制或受众资格审核机制。
  • 使用模板化的假设绩效披露，而非针对所展示绩效的特定方法、假设和局限性定制的披露。
  • 仅展示表现最佳的时间段、账户或策略而忽略表现不佳的部分——选择性挑选违反营销规则和FINRA内容标准。
  • 允许关联人员在个人社交媒体账户上发布投资相关内容，而未经过公司审核、批准和存档。
  • 使用客户推荐但未进行三项必要披露（客户身份、补偿、利益冲突）。
  • 将“机构”与“零售”沟通的区别视为合规安全港——营销规则的七项一般性禁令适用于所有广告，无论受众成熟度如何。
  • 在营销材料中声称具备AI、机器学习或算法能力，但未准确反映公司实际的投资流程。
  • 将基金或策略营销为整合ESG，但投资流程未如所述系统地纳入ESG因素。
  • 未按要求保留所有广告5年（SEC）或3年（FINRA），包括社交媒体帖子、电子邮件营销活动和网站内容。
  • 分享第三方评级但未披露日期、时间段、方法以及是否向评级机构支付了补偿。
  • 假设交互式社交媒体帖子（推文、评论、实时回复）不受任何合规要求约束——即使无需事前批准，它们仍需接受监管和记录保存。
  • 呈现前任或可移植性业绩，但未披露该业绩是在不同实体取得的，或未纳入前任公司所有以相似方式管理的账户。

Cross-References

交叉引用

  • Layer 8: 
    performance-reporting
    — return presentation standards, gross/net reporting, benchmark comparison, and GIPS requirements that overlap with advertising performance rules.
  • Layer 3: 
    performance-metrics
    — calculation of Sharpe, Sortino, and other ratios frequently cited in marketing materials; ensuring metrics shown in advertisements are computed accurately.
  • Layer 9: 
    conflicts-of-interest
    — material conflicts arising from testimonial compensation, promoter arrangements, and third-party rating relationships.
  • Layer 9: 
    client-disclosures
    — broader disclosure framework that encompasses advertising disclosures as a subset of the adviser's overall disclosure obligations.
  • Layer 9: 
    advice-standards
    — fiduciary duty and Reg BI obligations that constrain how investment recommendations can be framed in marketing communications.
  • 层级8：
    performance-reporting
    ——与广告绩效规则重叠的收益呈现标准、总/净报告、基准比较以及GIPS要求。
  • 层级3：
    performance-metrics
    ——营销材料中常引用的Sharpe、Sortino等比率的计算；确保广告中展示的指标计算准确。
  • 层级9：
    conflicts-of-interest
    ——推荐补偿、推广者安排和第三方评级关系产生的重大利益冲突。
  • 层级9：
    client-disclosures
    ——更广泛的披露框架，广告披露是顾问整体披露义务的一部分。
  • 层级9：
    advice-standards
    ——受托责任和Reg BI义务，限制投资建议在营销沟通中的表述方式。