On September 11, 2023 the SEC announced settlements with nine registered investment advisers (the “Advisers”) for alleged violations of the Investment Advisers Act’s new marketing rule (Rule 206(4)-1, available here, the “Marketing Rule”) as a result of advertising hypothetical performance information to the general public on their respective websites, without having adopted policies and procedures reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and investment objectives of the intended audience.