The SEC recently released proposed amendments to modernize Rule 206(4)‑1 under the Investment Advisers Act of 1940 (Advisers Act), which governs advertisements by investment advisers. The comment period on the proposed amended advertising rule ended in February 2020, and the SEC is expected to release a final rule later this year. A recent K&L Gates program provided a comprehensive overview of the proposed amended rule. The program featured Michael S. Caccese and Michael W. McGrath, chairman and partner, respectively, at K&L Gates; and Todd Juillerat, senior vice president of The Spaulding Group. This two-part series distills their insights. This first article provides background on the current advertising rule, as well as a deep look into the proposed expanded definition. The second article will outline changes to the rules on content and performance in advertisements. See “Risk Alert Highlights Six Most Frequent Advertising Rule Compliance Issues” (Oct. 19, 2017).