There seems to be some momentum for changes to the Regulation D’s prohibition on advertising a private fund offering. The Managed Funds Association has asked the SEC to start a rulemaking and one of the SEC’s new advisory committees has also recommended a change. The SEC’s new Advisory Committee on Small and Emerging Companies approved [...]
Tag Archives: general solicitation
Lifting the Ban on General Solicitation
From a securities compliance perspective, when you see an advertisement or an email seeking capital for an investment opportunity there is most likely a problem. Now there is a bill in Congress that would change that view. When selling a security, you need to register the security or find an appropriate exemption from registration. Most [...]
Is the SEC Going to Reform Advertising Rules?
Advertising and corporate communications is a rough area for compliance when used in capital formation. The rules are restrictive, not always intuitive, often vague, and in direct opposition to the revenue-hungry side of the company. Last week, the House Committee on Oversight and Government Reform heard testimony on “how securities regulations have harmed public and [...]
Whether the Advertising or Solicitation Was General in Nature Under Rule 502(c)
Earlier, I posted on Fund Raising Publicity. I ended by pointing out that Rule 502(c) prohibits general solicitation or general advertisement that occurs in connection with a Regulation D securities offering. This is to separate typical company advertising if a company advertises with no intention to “offer or sell the securities of the issuer” then [...]
Advertising or Solicitation to Offer or Sell Securities Under Rule 502(c)
Yesterday, I posted on Fund Raising Publicity. I ended by pointing out that Rule 502(c) prohibits general solicitation or general advertisement that occurs in connection with a Regulation D securities offering. This is to separate typical company advertising if a company advertises with no intention to “offer or sell the securities of the issuer” then [...]
Fund Raising Publicity
Under the U.S. securities laws, it is important for private investment funds to avoid engaging in a “general solicitation” or “general advertising” prior to and during fund raising. The key to private investment funds and the private offering of interests in the funds is that they are “private.” Assuring the private nature of an offering [...]
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