Nine investment advisers agreed to pay a total of $850,000 in penalties across separate settlements with the Securities and Exchange Commission (SEC) addressing alleged violations of the agency’s amended marketing rule.

The penalties mark the first enforcement sweep under the amended rule, which took effect in November and requires investment advisers to substantiate material statements of fact made in all advertisements. The SEC last month announced a settlement of more than $1 million with fintech adviser Titan Global Capital Management USA to mark its first case alleging violations of the rule.

Of the group whose penalties were announced Monday, Elm Partners Management received the largest fine at $175,000. After the amended marketing rule took effect, Elm advertised hypothetical performance on its website “without adopting and implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of the intended audience,” said the SEC in its order.

Elm did not respond to a request for comment.

Fine totals for the other eight firms, who were cited for similar alleged failures, were as follows:

  • BTS Asset Management: $135,000
  • Linden Thomas Advisory Services: $135,000
  • Macroclimate: $100,000
  • MRA Advisory Group: $85,000
  • McElhenny Sheffield Capital Management: $60,000
  • Trowbridge Capital Partners: $60,000
  • Banorte Asset Management: $50,000
  • Hansen and Associates Financial Group: $50,000

Macroclimate and MRA were also accused of failing to maintain required copies of their advertisements.

“It is … crucial that investment advisers implement policies and procedures to ensure their compliance with the rule,” said Gurbir Grewal, director of the SEC’s Enforcement Division, in the agency’s release. “Until that is the case, we will remain vigilant and continue our ongoing sweep to ensure that investment advisers comply with the marketing rule, including the requirements for hypothetical performance advertisements.”

None of the nine firms admitted nor denied the SEC’s findings.