In December 2020, the SEC adopted changes to Rule 206(4)‑1 under the Investment Advisers Act of 1940 to modernize the regulatory framework for investment advisers’ advertising and marketing practices (Marketing Rule). The SEC provided for a long transition period that ends on November 4, 2022, but nearly as many open questions remain about the Marketing Rule with almost eight months to go as there were at the time of its adoption. As the SEC has not given any indication that it will issue additional guidance on the Marketing Rule, it is critical for private fund managers to thoughtfully consider how they will comply and to work closely with their counsel on their individual transition plans. To help facilitate that effort, this guest article by Akin Gump attorneys Brian T. Daly, Barbara Niederkofler and Alexandra L. Delman identifies eleven of the most common unanswered questions and areas of confusion private fund managers have confronted as they prepare to comply with the Marketing Rule. See our two-part series on the impact of the new Marketing Rule: “What Constitutes an ‘Advertisement’ and How to Adhere to Principles‑Based Standards” (Mar. 23, 2021); and “Disclosures in Non‑Standard Calculations and Requirements When Using Promoters” (Mar. 30, 2021).