The compliance date for the SEC’s revised Advertising Rule (Marketing Rule or Rule) – Rule 206(4)‑1 under the Investment Advisers Act of 1940 – was November 4, 2022. In September 2022, the SEC’s Division of Examinations issued a risk alert announcing an examination sweep focused on investment advisers’ compliance with the Rule, including provisions pertaining to policies and procedures; substantiation of claims; books and records; and performance advertising. That sweep, which is ongoing, has resulted in multiple enforcement referrals. A year later, the SEC resolved administrative proceedings against nine advisers for alleged violations of the Marketing Rule’s requirements for policies and procedures pertaining to presentation of hypothetical performance and associated recordkeeping requirements. This article discusses the relevant provisions of the Rule, the alleged violations and the terms of the settlements. See “Second Marketing Rule Risk Alert Provides Little Substantive Guidance” (Aug. 3, 2023); and “Marketing Rule Risk Alert Forecasts Coming Exams” (Oct. 20, 2022).