In the two years since the SEC adopted Rule 206(4)‑1 under the Investment Advisers Act of 1940 (Marketing Rule or Rule), its risk alerts, FAQs and enforcement activities have provided some clarity, but many questions remain, noted Julia Reyes, partner at ACA Group, during a program focused on best practices for complying with the Rule. Reyes, along with ACA Group director Matthew Shepherd and K&L Gates partners Lance C. Dial and Pamela A. Grossetti, provided practical guidance on meeting the Rule’s requirements for substantiation of material facts; testimonials and endorsements; performance claims; and hypothetical performance. This article distills their insights. See “Performance Advertising Is a Significant Pain Point Under the Marketing Rule” (Oct. 24, 2024); and “ACA Compliance Testing Survey: Marketing Rule Remains Top Compliance Focus” (Feb. 1, 2024).