Nine investment advisers agreed to pay a total of $850,000 in penalties across separate settlements with the Securities and Exchange Commission (SEC) addressing alleged violations of the agency’s amended marketing rule.

The penalties mark the first enforcement sweep under the amended rule, which took effect in November and requires investment advisers to substantiate material statements of fact made in all advertisements. The SEC last month announced a settlement of more than $1 million with fintech adviser Titan Global Capital Management USA to mark its first case alleging violations of the rule.

Of the group whose penalties were announced Monday, Elm Partners Management received the largest fine at $175,000. After the amended marketing rule took effect, Elm advertised hypothetical performance on its website “without adopting and implementing policies and procedures reasonably designed to ensure that the hypothetical performance was relevant to the likely financial situation and investment objectives of the intended audience,” said the SEC in its order.