On December 22, 2020, the SEC issued a 430‑page release announcing the Marketing Rule, which, in addition to amending the prior advertising rule and replacing the cash solicitation rule, amends Rule 204‑2 (the books and records rule) and Form ADV. This article reviews the key elements of the Marketing Rule of particular interest to private fund managers, including an amended definition of “advertisement”; seven principles-based prohibitions; authority to use testimonials or endorsements provided certain conditions are met; a bar on the use of third-party ratings in an advertisement, unless the adviser provides disclosures and satisfies certain criteria pertaining to the rating’s preparation; specific requirements for the use of certain types of performance results, such as gross performance and hypothetical performance; and an amended Form ADV that requires advisers to provide additional information on their marketing practices. The article also examines some concerns the SEC Commissioners have with the Marketing Rule. For a look at the originally proposed changes to the advertising rule, see our two-part series: “Expanded Definition of Advertisement” (Apr. 2, 2020); and “‘Fair and Balanced’ Standard and Performance” (Apr. 9, 2020).