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Alternative Market Briefing

SEC proposes rules that allow hedge funds to advertise

Thursday, August 30, 2012

Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) today proposed rules to eliminate the prohibition against general solicitation and general advertising in certain securities offerings. The proposed rules came out of an open meeting to discuss how to implement a provision in the recently passed JOBS Act that let hedge funds advertise. The regulator has opened a public comment period over the next 30 days to give market participants a chance to weigh-in.

"I believe that the proposed rules fulfill Congress’s clear directive that issuers be given the ability to communicate freely to attract capital, while obligating them to take steps to ensure that this ability is not used to sell securities to those who are not qualified to participate in such offerings," said SEC Chairman Mary Schapiro in a statement.

Under the proposed rules, hedge funds would be allowed to advertise their programs provided that they made reasonably sure that any potential purchaser meets accredited investor requirements. Under Rule 501, a person qualifies as an accredited investor if he or she has individual net worth – or joint net worth with a spouse – that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person. Comments can be submitted ......................

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