# kaal:claim:2714974-018

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

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

**Source quote.**

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

**From.** Kaal and Oesterle, *The History of Hedge Fund Regulation in the United States* (2016), Hedge Funds Can Advertise Generally, page 16

**Cite as.** 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

**Verify.** sha256 of source PDF `7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Oesterle%20-%202016%20-%20The%20History%20of%20Hedge%20Fund%20Regulation%20in%20the%20United%20States.pdf

**Failure mode.** Absence of bright line verification standard  (family: definitional-ambiguity)

**Topics.** citation-and-knowledge

**Keywords.** jobs-act, rule-506c, general-solicitation, regulatory-uncertainty

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/2715083-033
- extended_by: https://wulfkaal.github.io/claims/2739479-014

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