To embed, copy and paste the code into your website or blog: Over the course of the last year, there have been a number of regulatory developments affecting private funds and their investment advisers that private equity sponsors should be aware of. We would also like to remind our private equity clients of important upcoming regulatory filings and compliance obligations in 2021. REGULATORY DEVELOPMENTS - New Advisers Act Marketing Rule - In December 2020, the SEC substantially amended its rules under the Investment Advisers Act of 1940 (Advisers Act) governing advertisements by registered investment advisers and compensation paid to solicitors by such advisers. The amendments create a single rule (the marketing rule) that replaces the current advertising and cash solicitation rules, Rule 206(4)-1 and Rule 206(4)-3, respectively. The SEC also made related revisions to Form ADV and Rule 204-2, the books and records rule. The amendments will consolidate SEC staff positions from no-action letters and other guidance in a single rule and will replace the broadly drawn limitations in the current rules with more principle-based requirements.