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 about five 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, in a guest article, Akin Gump attorneys Brian T. Daly, Barbara Niederkofler and Alexandra L. Delman identify 11 of the most common unanswered questions private fund managers have confronted as they prepare to comply with the Marketing Rule. See our two-part series on the Marketing Rule: “Key Takeaways for Private Fund Managers” (Mar. 18, 2021); and “Next Steps for Legal and Compliance” (Mar. 25, 2021).