# kaal:claim:2714974-021

**Claim.** Until the SEC finalizes verification rules and gives a clear, comprehensive definition of the reasonable steps an issuer must take, issuers cannot determine at the time of sale whether their verification attempts made general solicitation permissible.

**Type.** condition  **Support.** argued

**Holds when.**

- conditional on the absence of finalized SEC verification guidance

**Source quote.**

> Without appropriate SEC guidance, issuers will have difficulty ascertaining if their verification attempts at the time of the sale of securities made GSGA permissible.

**From.** Kaal and Oesterle, *The History of Hedge Fund Regulation in the United States* (2016), Hedge Funds Can Advertise Generally, page 19

**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.** Indeterminate reasonable steps standard  (family: definitional-ambiguity)

**Topics.** securities-law

**Keywords.** rule-506c, sec-guidance, investor-verification, regulatory-uncertainty

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