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HB479 • 2026

Securities Act; investment advisor advertising.

An Act to amend and reenact § 13.1-515 of the Code of Virginia, relating to Securities Act; investment advisor advertising.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Helmer
Last action
2026-04-13
Official status
Acts of Assembly Chapter
Effective date
Not listed

Plain English Breakdown

The bill summary does not provide details on enforcement mechanisms or specific changes for Virginia's investment advisors.

Securities Act Changes for Investment Advisor Advertising

This act changes Virginia's Securities Act to allow investment advisors to use advertisements, including client testimonials and endorsements, as long as they follow federal rules.

What This Bill Does

  • Changes the law to let investment advisors use ads that include what clients say about them.
  • Requires these ads to comply with the same rules used by federally registered investment advisors.

Who It Names or Affects

  • Investment advisors in Virginia

Terms To Know

investment advisor
A person or company that gives advice about buying and selling investments.
advertisement
Information given to the public to promote a product, service, or idea.

Limits and Unknowns

  • The act does not specify how it will be enforced.
  • It is unclear what specific changes this will bring for investment advisors in Virginia.

Bill History

  1. 2026-04-13 Governor

    Approved by Governor-Chapter 622 (effective 7/1/2026)

  2. 2026-04-13 Governor

    Approved by Governor-Chapter 622 (effective 7/1/2026)

  3. 2026-04-13 Governor

    Acts of Assembly Chapter text (CHAP0622)

  4. 2026-04-06 House

    Fiscal Impact Statement from State Corporation Commission (HB479)

  5. 2026-03-14 House

    Enrolled Bill communicated to Governor on March 14, 2026

  6. 2026-03-14 Governor

    Governor's Action Deadline 11:59 p.m., April 13, 2026

  7. 2026-03-12 House

    Signed by Speaker

  8. 2026-03-12 Senate

    Signed by President

  9. 2026-03-12 House

    Enrolled

  10. 2026-03-12 House

    Bill text as passed House and Senate (HB479ER)

  11. 2026-03-05 Senate

    Read third time

  12. 2026-03-05 Senate

    Passed Senate Block Vote (39-Y 0-N 0-A)

  13. 2026-03-04 Senate

    Rules suspended

  14. 2026-03-04 Senate

    Passed by for the day

  15. 2026-03-04 Senate

    Constitutional reading dispensed Block Vote (on 2nd reading) (39-Y 0-N 0-A)

  16. 2026-03-04 Senate

    Passed by for the day Block Vote (Voice Vote)

  17. 2026-03-02 Commerce and Labor

    Reported from Commerce and Labor (13-Y 0-N)

  18. 2026-02-05 Senate

    Constitutional reading dispensed (on 1st reading)

  19. 2026-02-05 Commerce and Labor

    Referred to Committee on Commerce and Labor

  20. 2026-02-04 House

    Read third time and passed House Block Vote (97-Y 1-N 0-A)

  21. 2026-02-04 House

    Reconsideration of passage agreed to by House

  22. 2026-02-04 House

    Passed House Block Vote (98-Y 0-N 0-A)

  23. 2026-02-03 House

    Read second time and engrossed

  24. 2026-02-02 House

    Read first time

  25. 2026-01-29 House

    Fiscal Impact Statement from State Corporation Commission (HB479)

  26. 2026-01-29 Labor and Commerce

    Reported from Labor and Commerce (22-Y 0-N)

  27. 2026-01-27 Subcommittee #1

    Subcommittee recommends reporting (9-Y 0-N)

  28. 2026-01-19 Subcommittee #1

    Assigned HCL sub: Subcommittee #1

  29. 2026-01-12 House

    Prefiled and ordered printed; Offered 01-14-2026 26105198D

  30. 2026-01-12 Labor and Commerce

    Referred to Committee on Labor and Commerce

Official Summary Text

Securities Act; investment advisor advertising.
Permits an investment advisor to solicit, disseminate, or otherwise use advertisements, including client testimonials and endorsements, provided such advertisements comply with the requirements for an advertisement solicited, disseminated, or used by a federally registered investment advisor under federal law.

Current Bill Text

Read the full stored bill text 
An Act to amend and reenact §
13.1-515
of the Code of Virginia, relating to Securities Act; investment advisor advertising.
Be it enacted by the General Assembly of Virginia:
1. That §
13.1-515
of the Code of Virginia is amended and reenacted as follows:
§
13.1-515
. Advertising.
A.
The Commission may require, subject to the limitations of § 222 of the Investment Advisers Act of 1940, in any particular case, any person who has published or circulated any advertisement or sales literature regarding a security, other than a federal covered security as defined in § 18(b)(2) of the Securities Act of 1933, or an investment advisory service to file copies thereof with the Commission.
B. Notwithstanding any other provision of law, an investment advisor registered under this chapter may solicit, disseminate, or otherwise use advertisements, including client testimonials and endorsements, provided such advertisements comply with the requirements for an advertisement solicited, disseminated, or used by a federal covered advisor under § 206(4)-1 of the Investment Advisers Act of 1940.