K&L Gates and The Spaulding Group recently hosted a program that explored the new Global Investment Performance Standards (GIPS 2020), ways it differs from the August 31, 2018, exposure draft and the steps advisers should take to comply with it. The presentation featured Jennifer Barnette, vice president at The Spaulding Group; Michael S. Caccese, K&L Gates management committee chair; and Michael W. McGrath, partner at K&L Gates, and focused on the GIPS 2020 provisions applicable to firms and verifiers, rather than those applicable to asset owners. This article, the second in a two-part series, addresses GIPS reports, portability of track records, carve-outs, verification standards, advertising guidelines and other issues of particular relevance to fund managers. The first article synthesized the speakers’ insights on, among other topics, the new GIPS framework; composites versus pooled funds; and the use of money-weighted returns in calculating and presenting performance. For additional commentary from K&L Gates attorneys, see “Forbes Insights and K&L Gates Examine How Financial Executives and GCs Are Responding to Technological Disruption” (May 9, 2019); and our two-part series on the ins and outs of global fundraising for fund managers: “The E.U. and the Middle East” (Jun. 7, 2018); and “The Asia-Pacific Region” (Jun. 28, 2018).