The November 4, 2022, compliance date for the SEC’s new marketing rule (Rule) – Rule 206(4)‑1 under the Investment Advisers Act of 1940 – is rapidly approaching. In anticipation of the new advertising regime, the SEC’s Division of Examinations recently issued a risk alert (Risk Alert) that discusses its plans for examining advisers’ compliance with the new Rule. Examinations will focus on policies and procedures; substantiation of claims; books and records; and performance advertising. This article discusses the key takeaways from the Risk Alert – as well as a related investor bulletin on performance claims – with insights from Genna Garver, partner at Troutman Pepper, and Krista Zipfel, director at ACA Group. See “A Checklist for Advisers to Guide Compliance With the Marketing Rule” (Sep. 8, 2022); and “A Checklist to Ensure Fund Managers’ Advertising Materials Comply With the New Marketing Rule” (Aug. 4, 2022).