Rule 139b, Disclosure of Standardized Performance

Rule 139b under the Securities Act of 1933 (17 CFR 230.139b) allows unaffiliated broker-dealers participating in a securities offering of a registered investment fund to publish or distribute research reports about the investment fund without these reports being treated as offers that require registration under securities laws. When broker-dealers include performance information in these research reports, they must present it in a standardized format consistent with existing rules. This standardization protects investors from potentially misleading or confusing performance presentations, enable investors to make meaningful comparisons between different investment funds, and maintains market integrity by ensuring research reports are not disguised as marketing materials. Rule 139b is a third party disclosure requirement, with the primary recipients being investors and the general public who read these research reports published by broker-dealers.

The latest form for Rule 139b, Disclosure of Standardized Performance expires 2028-11-30 and can be found here.