10.10.22

State Regulators Look To Keep Pace With SEC Marketing Rule

by: Mark Schoeff Jr.

The U.S. Securities and Exchange Commission (SEC) new marketing rule will allow advisors registered with the agency to use testimonials for the first time. Whether advisors who are registered at the state level can take advantage of the same opportunity depends on whether their state adopts the SEC rule or something similar. So far, 23 states have said they will not follow the rule when it goes into force on Nov. 4, another 12 said they will follow it, one state said it will do so next year, and 11 states haven’t mentioned their plans, according to Ann Keitner, senior principal consultant at ACA Group.

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