Texas adopted marketing provisions for investment advisers by reference to SEC rules through amended 7 TAC §116.15 ("Adoption by Reference of Investment Adviser Marketing Rules"), effective March 13, 2025.
The approach aligns Texas-registered advisers with the SEC Marketing Rule (Rule 206(4)-1), simplifying compliance for firms that operate across both state and federal registration.
Under the Texas approach, state-registered investment advisers must comply with the same testimonial, endorsement, performance advertising, and third-party ratings standards that apply to SEC-registered advisers.
The development is significant because it demonstrates a pathway for other states to modernize their advertising requirements by reference, rather than developing independent rules from scratch — an approach echoed in NASAA's 2026 adoption of Marketing Rule-aligned model amendments.