In May 2021, the SEC adopted Rule 206(4)‑1 (Marketing Rule or Rule) under the Investment Advisers Act of 1940. Since then, the Division of Examinations (Division) has issued multiple risk alerts on Rule-related examinations and compliance expectations. The SEC has also resolved multiple enforcement proceedings for alleged violations of the Rule and associated compliance failures. The Division’s fourth risk alert (Risk Alert), released on December 16, 2025, is based on the staff’s review of advertisements disseminated to investment advisers’ current or prospective clients, including private fund investors, that included testimonials, endorsements and/or third-party ratings. Just weeks after the Division issued the Risk Alert, the Division of Investment Management issued two new FAQs regarding the Rule. This article discusses the relevant provisions of the Marketing Rule, the deficiencies identified in the Risk Alert and the two new FAQs. See “Nine More Advisers Fined by SEC in Ongoing Marketing Rule Sweep” (Nov. 7, 2024).