kaal:claim:2714974-018

New Rule 506(c) creates uncertainty for hedge fund advisers considering general solicitation and general advertising, because the SEC required reasonable steps to verify accreditation without supplying a bright line rule for the content of such solicitation.

New Rule 506(c) creates uncertainty for hedge fund advisers considering GSGA.

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016), Hedge Funds Can Advertise Generally, p. 16
https://ssrn.com/abstract=2714974 · source PDF

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

• applies to Regulation D offerings under Rule 506(c) after September 23, 2013

failuresupport: arguedfailure: Absence of bright line verification standardfamily: definitional-ambiguitycitation-and-knowledge

• extended_by kaal:claim:2715083-033 The JOBS Act reform underdelivers on its own terms: because investor verification under Rule 506(c) is legally...
• extended_by kaal:claim:2739479-014 Lifting the ban on general solicitation and general advertising was a significant formal change for private fu...

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