The Marketing Rule, Rule 206(4)‑1 under the Investment Advisers Act of 1940, defines “advertisement” broadly and “captures just about any use of investment performance in promotional communications,” explained Dechert partner Michael W. McGrath at a CFA Institute presentation on the interplay of the Marketing Rule with the Global Investment Performance Standards (GIPS®), which is a voluntary framework for calculating and presenting investment performance to facilitate comparability. An SEC-registered adviser that claims compliance with GIPS must comply with both GIPS and the Marketing Rule. McGrath, along with Dechert partner Robert S. Shapiro and associate Lindsay R. Grossman, discussed SEC staff FAQs on extracted performance and portfolio characteristics; issues in calculating net performance; and areas where the Marketing Rule and GIPS diverge. Ken Robinson, director of Global Industry Standards at CFA Institute, moderated the discussion. This article synthesizes their insights. See “Performance Advertising Is a Significant Pain Point Under the Marketing Rule” (Oct. 24, 2024); and “CFA Institute/IAA Survey Highlights Marketing Rule Compliance Practices” (Aug. 29, 2024).