SEC Votes To Lift Private Fund Advertising Ban

Law360, Washington (July 10, 2013, 9:59 PM EDT) -- The U.S. Securities and Exchange Commission voted Wednesday to lift a long-standing ban on advertising private investment offerings, paving the way for hedge funds and other firms to openly solicit investors to raise private equity.

The rule change, which passed 4-1, marks the first application of Jumpstart Our Business Startups Act requirements by the commission. In connection with the ban repeal, the commissioners also voted 3-2 to strengthen its filing requirements for the offerings, noting that the current system doesn't give them enough information to ferret...
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