On Sept. 9, 2014, the U.S. Commodity Futures Trading Commission staff granted broad relief intended to remove an obstacle to the ability of market participants, under rules previously promulgated by the U.S. Securities and Exchange Commission, to utilize general solicitation and general advertising in conducting placements of hedge fund and private equity fund interests (and

The U.S. Securities and Exchange Commission took three significant actions on July 10, 2013:

Final Rules

1. The SEC approved final rules implementing the Congressional mandate under the Jumpstart Our Business Startups Act (the “JOBS Act”) to lift the ban on general solicitation and advertising in private securities offerings made in reliance on Rule 506

Asset gathering has become more competitive and challenging for hedge fund managers. It has also become more interesting to regulators. The challenge for managers is to understand the new regulatory requirements and prepare for what is coming next.

Click here to read my column that appeared in HFMWeek discussing hedge fund marketing and the SEC’s

Marketing hedge funds to U.S. investors has long been shaped by the ban on “general solicitation” and “general advertising” contained in the private placement regulation commonly relied on by private funds. The Jumpstart Our Business Startups Act, or JOBS Act, enacted April 5, 2012, requires the SEC to modify its regulations to lift the ban.