For these reasons, the Commission should prohibit private funds from advertising performance information. Over time, as the Commission gains experience with private fund advertisements, it could consider the feasibility of crafting a rule similar to Rule 482 specifically for private fund advertisements. Rule 482 governs any advertisement for a mutual fund that includes performance advertising. It sets forth specific calculation methodologies for current yield, tax equivalent yield, average annual total return, and after tax return, as well as detailed requirements for the types of legends and other disclosure that must accompany any performance data. The rule.
