NASAA Approves Marketing Rule Amendments

On May 4, 2026, NASAA approved amendments to several model advertising rules (link). The amendments are intended to modernize state investment adviser advertising requirements and align them more closely with the SEC Marketing Rule.

The amendments do not automatically change individual state regulations. But they are a strong signal of where state advertising regulation is headed.

What Changed

The amended model rules address advertising practices, prohibited conduct, and recordkeeping. The framework would permit testimonials, endorsements, and certain performance-related advertising practices under conditions similar to those in the SEC Marketing Rule.

That is meaningful, because state advertising rules have historically been more restrictive than the SEC’s. As individual states adopt the new model, the patchwork between federal and state advertising standards should narrow. But each state has to adopt its own implementing changes before the model rules take effect locally.

Why Advisers Should Care

Marketing remains one of the most active regulatory focus areas for both state and federal regulators. The practical implication of NASAA’s action is that as states adopt the new model rules, advertising practices already permitted under the SEC Marketing Rule may become permissible at the state level too.

But the underlying compliance obligations do not disappear. You still need consistent marketing controls across websites, pitch books, social media, referral arrangements, client reviews, third-party ratings, and performance presentations. Substantiation, recordkeeping, and disclosure obligations all stay in place. If you have state-registered affiliates or personnel operating across multiple jurisdictions, watch which states are adopting and when. The adoption timeline will vary, and your compliance approach in any given state has to match what that state has actually adopted, not what NASAA approved at the model level.

Takeaways

• NASAA’s model amendments align state advertising frameworks more closely with the SEC Marketing Rule.
• Individual states still need to adopt their own implementing changes before the model rules take effect.
• Marketing compliance remains an active examination and enforcement priority at both state and federal levels.
• Review approval processes, substantiation files, and recordkeeping controls related to advertising content.