The SEC recently proposed amendments to Rule 206(4)‑1 (Advertising Rule) under the Investment Advisers Act of 1940. If adopted, the amendments would replace the Advertising Rule – along with decades of no‑action guidance issued by SEC staff – in its entirety with a new, comprehensive framework for the regulation of advertisements by investment advisers. While certain changes will likely be viewed favorably by PE managers, the proposed rule would also require significant changes to standard marketing practices employed by PE managers. In a guest article, K&L Gates partners Michael W. McGrath and Pablo J. Man summarize the proposed rule and identify certain key challenges PE managers would face upon its adoption. These include, for example, issues associated with providing performance reporting to investors in data rooms and potentially subjecting types of information PE investors are accustomed to receiving to the proposed rule. For more on the existing Advertising Rule, see our two-part series “A Roadmap for Advisers to Comply With Marketing and Advertising Regulations”: Part One (Aug. 3, 2017); and Part Two (Aug. 10, 2017).