VirginiaHB4792026 Regular SessionHouseWALLET

Securities Act; investment advisor advertising.

Sponsored By: Dan I. Helmer (Democratic)

Became Law

Summary

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.

Your PRIA Score

Score Hidden

Personalized for You

How does this bill affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

Advisers can use client testimonials

Investment advisers registered in Virginia can use client testimonials and endorsements in ads. Ads must follow the federal marketing rule for advisers (Investment Advisers Act §206(4)-1). This permission applies even if another Virginia law said otherwise.

State can require filing of securities ads

The State Corporation Commission can require advertisers to file copies of ads or sales materials about a security or an investment-advisory service. This excludes ads for federal covered securities under §18(b)(2) of the Securities Act of 1933. The Commission uses this power case by case and within the limits of §222 of the Investment Advisers Act of 1940.

Sponsors & Cosponsors

Sponsor

  • Dan I. Helmer

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 317 • No: 1

Senate vote 3/5/2026

Passed Senate Block Vote

Yes: 39 • No: 0

Senate vote 3/4/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 39 • No: 0

Senate vote 3/4/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 3/2/2026

Reported from Commerce and Labor

Yes: 13 • No: 0

House vote 2/4/2026

Read third time and passed House Block Vote

Yes: 97 • No: 1

House vote 2/4/2026

Passed House Block Vote

Yes: 98 • No: 0

House vote 1/29/2026

Reported from Labor and Commerce

Yes: 22 • No: 0

House vote 1/27/2026

Subcommittee recommends reporting

Yes: 9 • No: 0 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0622)

    4/13/2026Governor
  2. Approved by Governor-Chapter 622 (effective 7/1/2026)

    4/13/2026Governor
  3. Fiscal Impact Statement from State Corporation Commission (HB479)

    4/6/2026House
  4. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/14/2026Governor
  5. Enrolled Bill communicated to Governor on March 14, 2026

    3/14/2026House
  6. Bill text as passed House and Senate (HB479ER)

    3/12/2026House
  7. Enrolled

    3/12/2026House
  8. Signed by President

    3/12/2026Senate
  9. Signed by Speaker

    3/12/2026House
  10. Passed Senate Block Vote (39-Y 0-N 0-A)

    3/5/2026Senate
  11. Read third time

    3/5/2026Senate
  12. Passed by for the day Block Vote (Voice Vote)

    3/4/2026Senate
  13. Constitutional reading dispensed Block Vote (on 2nd reading) (39-Y 0-N 0-A)

    3/4/2026Senate
  14. Rules suspended

    3/4/2026Senate
  15. Reported from Commerce and Labor (13-Y 0-N)

    3/2/2026Senate
  16. Referred to Committee on Commerce and Labor

    2/5/2026Senate
  17. Constitutional reading dispensed (on 1st reading)

    2/5/2026Senate
  18. Passed House Block Vote (98-Y 0-N 0-A)

    2/4/2026House
  19. Reconsideration of passage agreed to by House

    2/4/2026House
  20. Read third time and passed House Block Vote (97-Y 1-N 0-A)

    2/4/2026House
  21. Read second time and engrossed

    2/3/2026House
  22. Read first time

    2/2/2026House
  23. Reported from Labor and Commerce (22-Y 0-N)

    1/29/2026House
  24. Fiscal Impact Statement from State Corporation Commission (HB479)

    1/29/2026House
  25. Subcommittee recommends reporting (9-Y 0-N)

    1/27/2026House

Bill Text

Related Bills

Back to State Legislation