Rule 206(4)‑1 (Marketing Rule or Rule) under the Investment Advisers Act of 1940 took effect on November 4, 2022. Since then, the SEC has issued multiple risk alerts and has been conducting an examination sweep on compliance with the Rule. Prior settlements have alleged violations involving policies and procedures; recordkeeping; presentation of hypothetical performance; and material misstatements. The latest round of nine settlements, announced on September 9, 2024, allege violations in two broad areas. Certain respondents allegedly disseminated advertisements containing material misstatements, ranging from what appear to be typographical errors to claims by certain advisers that they do not have any conflicts of interest. Others disseminated advertisements containing ratings, endorsements and/or testimonials without providing all disclosures required by the Marketing Rule. This article synthesizes the SEC’s claims and the terms of the settlements. See “Third Marketing Rule Risk Alert and New Settlements Portend Vigorous Enforcement” (Jun. 6, 2024); and our coverage of the first and second Marketing Rule risk alerts.