Rule 206(4)-8 extends the antifraud standard to investors in pooled vehicles: an adviser to a pooled investment vehicle must not tell a current or prospective investor in the pool anything materially untrue, leave out what is needed to keep statements from misleading, or deal with those investors in any way that is fraudulent, deceptive or manipulative. It reaches hedge, private equity and venture funds whether or not the adviser is registered, and covers offering documents, investor letters, valuations and side arrangements.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.