Section 918 of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 requires the Government Accountability Office (“GAO”) to conduct a review of mutual fund advertising, focusing on the advertising of past-performance information. The report examines: (i) what is known about the impact of fund advertisements on investors; (ii) the extent to which performance information is included in advertisements; and (iii) the regulatory requirements for fund advertisements and how they are administered and enforced. After reviewing Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”) rules and conducting a study of fund advertisements, the GAO recommends that the SEC should take steps to ensure that FINRA develops sufficient mechanisms to notify all fund companies of new interpretations of existing rules that arise during the course of FINRA’s regulatory reviews of advertisements.