The SEC staff published a new Marketing Rule Risk Alert specifically focused on deficient practices related to the use of testimonials, endorsements, and third-party ratings by investment advisers. The risk alert noted that advisers frequently include reviews, recommendations, referrals, or language from current or former clients or investors, social media influencers, industry participants, or others promoting or endorsing the adviser on websites, lead generation and other referral platforms, and sometimes fail to recognize that such practices constitute testimonials or endorsements under the Marketing Rule. Moreover, the alert identified advisers' references to third-party ratings, rankings, and awards on websites, social media, and other marketing materials and forums. The SEC staff highlighted a number of deficiencies related to adviser disclosure and oversight practices with respect to such activities and failure to implement appropriate compliance policies and procedures to prevent violations. In light of this risk alert, we recommend that advisers review their practices regarding any testimonials, endorsements, or other referral or recommendation arrangements with any parties (including those through placement agents or solicitors), as well any ratings, rankings, awards, or other commendations highlighted online or in marketing materials, to ensure that they comply with all relevant provisions of the Marketing Rule. CCOs may want to take this opportunity to discuss these activities with relevant fundraising, investor relations, and other business personnel to ensure that they are aware of any current or contemplated activities that may be covered under the Marketing Rule and reeducate their team on the applicable regulatory requirements.