SEC Footnote 590 FAQ (Jan 2026) & Hypothetical Performance: Key Considerations
The SEC’s January 2026 FAQ signals a meaningful shift in how advisers should think about Footnote 590. Rather than reinforcing a rigid, prescriptive standard, the FAQ reframes the issue through a principles-based, facts-and-circumstances lens—offering more flexibility but also placing greater responsibility on advisers to ensure communications are fair, balanced, and not misleading. Our latest blog post breaks down what changed, what did not, and the practical compliance implications for advisers and alternative asset managers.
