The SEC’s amendments to Rule 206(4)‑1 under the Investment Advisers Act of 1940 created a single rule (Marketing Rule) governing registered investment advisers’ advertising and cash solicitation arrangements. The Marketing Rule introduces several new obligations for investment advisers marketing their services and products to investors, in some cases regardless of investor sophistication. Most notably, it will require reforms of almost all fundraising communications when offering private funds, including by placement agents or other intermediaries. In a two-part guest series, K&L Gates partners Kasey L. Lekander, Pablo J. Man and Michael W. McGrath, CFA discuss facets of the Marketing Rule of particular import to fund sponsors and identify certain key challenges they will face when becoming compliant with the new rule. This second article details restrictions in how certain non-standard performance calculations are disclosed to current and prospective investors, as well as the Marketing Rule’s requirements for using placement agents and consultants for promotional purposes. The first article described the revised definition of “advertisement” under the Marketing Rule, as well as the principles-based standards it prescribes. See our two-part series on navigating the new 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).