Legal and compliance
SEC Marketing Rule
The US rule governing how registered advisers advertise, including how they show performance.
It requires fair and balanced presentation, net performance shown alongside gross, standard time periods, and limits on hypothetical performance and on testimonials or endorsements without disclosures. Track record slides in a deck are advertisements.
Why it matters when you raise
Anything you send LPs about past performance can be reviewed, so keep supporting records.
Related terms