The advertising rule, Rule 206(4)‑1 under the Investment Advisers Act of 1940 (Advisers Act), and the cash solicitation rule, Rule 206(4)‑3 under the Advisers Act, have existed – largely unchanged – for decades. Compliance with those rules has proven to be challenging for private fund managers. In response to near-universal agreement that the advertising and cash solicitation rules need a modern makeover, the SEC recently issued a new marketing rule (Marketing Rule), which amends the existing advertising rule and replaces the cash solicitation rule. It also amends Rule 204‑2 (the books and records rule) and Form ADV. This two-part series examines the Marketing Rule through the eyes of private fund managers, and this second article spells out the next steps for managers’ legal and compliance departments. The first article examined important changes made to the originally proposed amendments and provided key takeaways for private fund managers. For a look at the originally proposed changes to the advertising rule, see our two-part series: “Expanded Definition of Advertisement” (Apr. 2, 2020); and “‘Fair and Balanced’ Standard and Performance” (Apr. 9, 2020).