In the latest salvo of the SEC’s ongoing sweep targeting violations of Rule 206(4)‑1 under the Investment Advisers Act of 1940 (Marketing Rule), the Commission recently settled charges against nine registered advisers (Settlement Orders) that indicate the agency remains on mission and is broadening its enforcement efforts. Earlier enforcement actions primarily addressed statements relating to performance, but the most recent wave focuses on untrue or unsubstantiated statements in the context of testimonials, endorsements and third-party ratings. This article summarizes the key features of the Settlement Orders and provides additional insights from interviews with several industry experts. See our two-part series on the impact of the Marketing Rule: “What Constitutes an ‘Advertisement’ and How to Adhere to Principles‑Based Standards” (Mar. 23, 2021); and “Disclosures in Non‑Standard Calculations and Requirements When Using Promoters” (Mar. 30, 2021).