The Marketing Rule not only amends the prior advertising rule but also absorbs the cash solicitation rule (Rule 206(4)‑3 under the Investment Advisers Act of 1940). For example, the amended definition of “advertisement” has two prongs, the second of which governs the activities previously covered by the cash solicitation rule, including any endorsement or testimonial for which an adviser provides cash or non-cash compensation, directly or indirectly, such as directed brokerage; awards or other prizes; or reduced advisory fees. This guest article by Fried Frank partner Stacey Song discusses what the new Marketing Rule means for the old cash solicitation rule. Although the article analyzes the SEC’s originally proposed changes to the cash solicitation rule, many of the elements in the proposal were adopted in the final version of the Marketing Rule. Because the Marketing Rule now incorporates activities previously covered by the cash solicitation rule and expressly applies to private funds, Song warned that the new rule applies not only to private fund advertisements but also to solicitation of private fund investors – which could be a big adjustment for private fund managers. See “Five Ways to Avoid Common Violations of the Cash Solicitation Rule Identified in OCIE’s Recent Risk Alert” (Nov. 29, 2018).