Although fund managers have had several months to operate under the SEC’s new marketing rule pursuant to Rule 206(4)-1 under the Investment Advisers Act of 1940 (Marketing Rule), they are still grappling with certain unclear requirements therein. To assist, the SEC’s Division of Investment Management released its Marketing Compliance Frequently Asked Questions (FAQ) to guide compliance efforts. Unsurprisingly, however, the FAQ has merely created a whole new batch of questions and confusion in the private funds industry. To address those issues, K&L Gates and the CFA Institute hosted a webinar that featured K&L Gates partner Pamela A. Grossetti, Dechert partner Michael W. McGrath and CFA Institute senior head Karyn D. Vincent. This second article in a two-part series considers the FAQ’s practical impact and details a Q&A with compliance professionals about complying with the Marketing Rule. The first article offered an overview of the FAQ, guidance for advertising individual positions and tips for handling issues of attribution going forward. See our two-part series on navigating the Marketing Rule: “Updated Testimonial Rule and Differences From the Proposed Advertising Rule” (Feb. 16, 2021); and “Form ADV Updates and Changes to Non‑Standard Performance Calculations” (Feb. 23, 2021).