Do advertisements need to be filed with the SEC before dissemination?

Advertisements do not need to be filed with the SEC before dissemination. Generally, while the SEC regulates the content of advertisements to prevent misleading or false claims, there is no requirement for prior approval or filing for most types of advertisements in the investment industry. This allows firms more flexibility in marketing their products and services to potential clients without the delay that could be caused by a filing requirement.

It's important to note, however, that while prior filing is not required, firms must ensure that their advertisements comply with applicable regulations and guidelines to avoid any potential issues with misleading information. Some specialized advertising may have different rules, but in the general context, the freedom to disseminate advertisements without prior SEC clearance is the correct understanding of the regulatory framework.