Private fund sponsors should be aware of two recent SEC regulatory developments with respect to (1) the newly adopted private fund rules (Rule 211(h)(1)-2; Rule 211(h)(2)-3; Rule 211(h)(2)-1; Rule 211(h)(2)-2, and Rule 206(4)-10 under the Investment Advisers Act of 1940, together, the “Private Fund Rules”) and (2) an updated FAQ with respect to the marketing rule (Rule 206(4)-1 under the Investment Advisers Act of 1940, the “Marketing Rule”).