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Private Offerings: The SEC Lifts Ban on General Solicitation But Proposes a Hefty Regulatory Burden in Return



by Sutherland Asbill Brennan LLP - Washington Office

July 17, 2013

Previously published on July 16, 2013

During an open meeting of the U.S. Securities and Exchange Commission (the SEC) on July 10, 2013, the SEC adopted a rule that lifts the ban on general solicitation of unregistered securities offerings and paves the way for widespread advertising of private securities issuances, including sales of interests by private funds, such as hedge funds and private equity funds. The SEC also adopted a rule that prohibits certain “bad actors” from taking part in such offerings. Finally, the SEC proposed new rule and form amendments that seek to monitor the advertising practices of unregistered offerings. Combined, the new rules will have a lasting impact on the securities industry, and particularly, the private fund industry.


 

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