# General solicitation

`kaal:entity:general-solicitation`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `general-solicitation`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 3 works, 2016 to 2016.

**2016**

- [2714974-018](https://wulfkaal.github.io/claims/2714974-018) [failure/argued] *(failure mode)* -- 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). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974
- [2714974-019](https://wulfkaal.github.io/claims/2714974-019) [empirical/asserted] *(failure mode)* -- Although the JOBS Act rules freed hedge fund managers to advertise, talk to reporters, and speak at conferences from September 23, 2013, very few managers actually engage in these less restrictive communications with potential investors.
  > Yet, very few hedge fund managers are actually engaging in less restrictive communications with potential investors.
  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
- [2715083-033](https://wulfkaal.github.io/claims/2715083-033) [failure/argued] *(failure mode)* -- The JOBS Act reform underdelivers on its own terms: because investor verification under Rule 506(c) is legally uncertain, hedge fund advisers have better incentives to launch retail alternative funds than to use their new freedom to advertise.
  > Investment advisers to hedge funds have better incentives to set up retail alternative funds that allow them to offer features that are attractive to retail investors rather than to advertise under the uncertain new regime (Rule 506(c))
  Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083
- [2739479-014](https://wulfkaal.github.io/claims/2739479-014) [failure/evidenced] *(failure mode)* -- Lifting the ban on general solicitation and general advertising was a significant formal change for private funds, but the new advertising opportunities are being taken up only reluctantly, and uncertainty about investor verification rules together with specific restrictions makes advertising by private fund advisers unlikely for the foreseeable future.
  > While lifting the ban on GSGA for private fund advisers represented a signif- icant change for the private fund industry, the new advertising opportunities are only reluctantly being accepted;
  Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/general-solicitation.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.