UPDATE 1: SEC Flags Marketing Rule Violations Across RIA Examinations
Summary: The SEC’s Division of Examinations released a risk alert documenting compliance failures it found during RIA audits related to the Marketing Rule. Examiners specifically flagged problems with how advisers handle testimonials, client reviews, social media endorsements, referral programs, and third-party ratings like “Best Of” awards on websites.
What This Means for You: If your firm has Google reviews, a referral program, uses influencers or brand ambassadors, or displays any awards or ratings on your website or social media — you are in scope for this. The SEC’s most common finding was that required disclosures were missing or not prominent enough at the time a testimonial was published. Hyperlinking to disclosures is explicitly not acceptable. If you pay anyone — even gift cards — to leave a review, that triggers written agreement and disclosure requirements.
Action Required?
∙ Review your website, LinkedIn, and any social profiles for client testimonials or ratings — confirm each has required disclosures (client/non-client status, compensation, conflicts)
∙ If you have a referral program, confirm you have written agreements with anyone compensated over $1,000 in the past 12 months
∙ Check that your compliance policies have been updated AND are actually being followed in practice
Urgency: HIGH — The SEC has already brought enforcement actions for Marketing Rule violations and has signaled this remains an active exam priority in 2026.
Bottom Line: If your marketing touches reviews, referrals, or ratings, audit it this week.
UPDATE 2: SEC Releases 2026 Examination Priorities — Here’s What They’re Looking For
Summary: The SEC published its official examination priorities for fiscal year 2026, outlining exactly what examiners will focus on when they review RIA firms this year. Top priorities include cybersecurity, Regulation S-P compliance, fiduciary duty, conflicts of interest, and AI governance.
What This Means for You: Think of this as the SEC handing you the exam answer key. If you haven’t been examined yet or were recently registered, you are explicitly called out as a priority target this year. Key areas to shore up: your cybersecurity incident response plan, your Regulation S-P privacy notice and data breach procedures (new compliance deadlines apply), and documentation of how you manage conflicts of interest in your investment recommendations.
Action Required?
∙ Pull your cybersecurity policy and confirm you have a written incident response plan — examiners will ask for it
∙ Review your Regulation S-P privacy notice — new 2024 amendments have a compliance deadline of June 3, 2026
∙ Document your annual compliance program review in writing even though it’s not technically required — examiners will look for evidence it was done
Urgency: MEDIUM — No immediate deadline but exam season is year-round and newly registered advisers are explicitly prioritized.
Bottom Line: The SEC published their playbook — make sure your compliance program matches it before they show up.
Compliance Calendar — March 2026
∙ March 31 — Form ADV annual amendment due for most RIAs
∙ April 15 — Q1 ends; review portfolio management documentation
∙ June 3 — Regulation S-P amended rule compliance deadline
ClearReg is an independent research and information service. This briefing is for informational purposes only and does not constitute legal, compliance, or investment advice. Always consult a qualified compliance professional or attorney for guidance specific to your firm.
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