Performance advertising, backtesting and use of digital media in marketing create a hornet’s nest of regulatory risks for advisers. A recent ACA Compliance Group (ACA) program on advertising and marketing deficiencies focused on common issues raised during SEC examinations and recent enforcement proceedings concerning performance advertising, backtesting and use of testimonials. The program featured Kimberly Daly and Carrie Morehead, partner and consultant, respectively, at ACA, along with Stacey Song, partner at Fried Frank. This article summarizes their insights. See our three-part advertising compliance series: “Ten Best Practices for a Fund Manager to Streamline Its Compliance Review” (Sep. 14, 2017); “Five High-Risk Areas for a Fund Manager to Focus on When Reviewing Marketing Materials” (Sep. 21, 2017); and “Six Methods for a Fund Manager to Test Its Advertising Review Procedures” (Sep. 28, 2017).