End Of SEC Ad Ban Promises New Cash And Fresh Trouble

Law360, New York (July 10, 2013, 10:00 PM EDT) -- A U.S. Securities and Exchange Commission rule Wednesday lifting an 80-year ban on private fund advertising leaves the door wide open for hedge funds and others to go after new investors, but while the potential for new dollars in the marketplace has some giddy, others fear that the rule will make investors more vulnerable than ever.

The SEC voted 4-1 to lift the ban on “general solicitation” in private securities offerings by hedge funds, private equity funds and other asset managers. Proponents of the rule change,...
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