With the recent release of proposed amendments to modernize the so-called “advertising rule” under the Investment Advisers Act of 1940, fund managers must prepare for changes to how they prepare and review disclosures to current and potential clients. A recent program sponsored by K&L Gates provided a comprehensive overview of the proposed amended rule. The presentation featured Michael S. Caccese and Michael W. McGrath, chairman and partner, respectively, at K&L Gates; and Todd Juillerat, senior vice president at The Spaulding Group. This two-part series presents the key insights from the panelists. This second article outlines the proposed “fair and balanced” standard for advertising statements, as well as new guidance on performance statements. The first article provided background on the current and proposed advertising rules. See “SEC Proposes Expanding Permissible Performance Advertising Practices With Favorable Treatment for Private Fund Managers” (Dec. 5, 2019).