Silvia Ibanez, an attorney, included "CPA" and "CFP" designations after her listing in the yellow pages. Those designations were truthful. The Florida Board of Accountancy, however, believed the designations were misleading and reprimanded her for deceptive conduct. Despite the fact that the Board was unable to point to any person who claimed to have been misled, the Board's decision was affirmed by the Florida District Court of Appeal. In Virginia State Bd. of Pharmacy v. Virginia Citizens Consumer Council, 425 U.S. 748 (1976), the U.S. Supreme Court for the first time recognized that commercial speech speech that concerns only commercial or economic activity is entitled to some First Amendment protection. The government therefore may regulate commercial speech only if it is false or misleading or if the restriction directly and narrowly advances a substantial state interest. Central Hudson Gas & Elec. v. Public Serv. Comm. of N.Y., 447 U.S. 557 (1978)

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