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NASAA revises model advertising rules for state-registered investment advisers

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Photo: Richard l’Anson/Getty Images

Vlada Gurvich

3 min read
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Amendments show convergence between state and federal approaches, while preserving state-level oversight intended to mitigate retail investor harm.

The North American Securities Administrators Association (NASAA) has approved a set of amendments to four model rules governing investment adviser advertising, marking one of the most significant updates to state-level adviser marketing standards in recent years.

The revisions, adopted by NASAA’s membership in May 2026 following a public consultation process

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