In recognition of the significant developments in technology and methods of communicating with current and potential investors, the SEC amended the Advertising Rule to modernize it and aggregate guidance from no‑action letters and enforcement actions. The resulting amended rule – now referred to as the “Marketing Rule” – took effect on May 4, 2021, with investment advisers required to be in compliance by November 4, 2022. Since then, the SEC has focused on Marketing Rule compliance in its examinations of private fund managers. This article explains the key differences between the old Advertising and Cash Solicitation Rules and the new Marketing Rule; provides a checklist that advisers can use to help comply with the rule; and explores the relationship between advisers’ efforts to comply with the Marketing Rule and the SEC’s flurry of proposed rulemaking at the time. See “Marketing Rule Risk Alert Focuses on Testimonials, Endorsements and Third-Party Ratings” (Feb. 12, 2026); and “SEC Order Reminds Advisers of Fundamental Obligations Under Marketing and Compliance Rules” (Dec. 18, 2025).