Rule 206(4)-1, the marketing rule effective in 2021 with a compliance date of 4 November 2022, treats as fraudulent any advertisement that contains an untrue statement of material fact or omits a fact needed to make it not misleading, that cannot be substantiated on demand, that is misleadingly unbalanced about benefits and risks, that cherry-picks past recommendations, or that presents performance or other information in a materially misleading way. Testimonials and endorsements need clear disclosure of status and compensation, written agreements with compensated promoters above the de minimis amount, oversight and disqualification checks. Third-party ratings require due diligence on the methodology and disclosure of the date and provider. Performance must be shown net of fees with equal prominence to gross, across one-, five- and ten-year periods, with related-, extracted-, hypothetical- and predecessor-performance only on the conditions the rule sets. Advertisements and the substantiation are rule 204-2 records.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.