Recent attention by regulators to fund manager performance advertising practices is creating a lot more work for CCOs of PE sponsors. FINRA’s recent issuance of Regulatory Notice 20‑21 (RN 20‑21) is requiring internal rates of return for unrealized investments through FINRA members to retail investors to be calculated in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS). Further, the SEC’s amendments to Section 206(4)‑1 under the Investment Advisers Act of 1940 (Marketing Rule) brought a host of changes for managers to navigate. Both involve a lot of careful consideration and, more importantly, significant timing outlays to achieve compliance. ACA Group’s (ACA’s) Fall 2021 Virtual Conference outlined those developments in a panel moderated by Christie Dillard, partner in the performance division at ACA, which featured Shivani Choudhary, managing director at ACA; and Steven W. Stone, partner at Morgan Lewis. This second article in a two-part series details factors for sponsors to weigh to comply with RN 20‑21 and the Marketing Rule. The first article identified prominent trends and activity in the performance space, including asset flows and demand by outsourced chief investment officers for GIPS-compliant returns. For coverage of other ACA webinars, see “Sponsor‑Led Secondary Market: Themes, Issues and Solutions (Part One of Two)” (Oct. 8, 2019); and “Twelve Most Common Compliance Failings for U.K. Firms and How to Avoid Them (Part One of Two)” (Sep. 17, 2019).