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Alternative Market Briefing

Hedge fund industry association joins calls for clarification on implementation of new advertising rules in the US

Friday, September 14, 2012

Beverly Chandler, Opalesque London: Following on from the Opalesque story earlier this week about Dukas Public Relations’ letter to the SEC, requesting clarification of new advertising rules for private fund managers, under the Jump Star Our Business Start-Ups Act (JOBS Act), Mitch Ackles, President of the Hedge Fund Association (HFA) and Richard Heller, Chairman of the Association’s Regulatory & Government Advisory Board have now also written a comment letter.

The HFA letter asks for specific instructions for private fund managers on what they will need to do to safely verify whether investors are accredited, should they want to advertise after the rules in the JOBS Act are finalised. The HFA also praised the entire proposed rule to lift the hedge fund advertising ban as a significant step to modernize securities laws that maintains the investor protections available under the current system. At the same time, they encouraged the regulator to coordinate with the Commodity Futures Trading Commission (CFTC) to harmonize any new rules with the Commodity Exchange Act (CEA).

The HFA 'lauded the goo......................

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