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"We applaud the SEC's efforts to harmonize the many rules and regulations exempting securities offering from registration and advocate for changes enabling smaller issuers to broaden the investor base when raising capital in the United States," said Michael Tannenbaum, HFA Regulatory & Government Committee Chair.

"Specifically, HFA supports an expansion of the accredited investor pool to include knowledgeable investors with substantial industry experience."

In addition, "HFA proudly supports Rule 506(c) of Regulation D permitting issuers to broadly solicit and generally advertise an offering subject to certain provisions satisfied, and we foresee that it will be more readily used by our members as it becomes more understood by them and their respective advisors," noted Jim Van Horn, of HFA's Regulatory & Government Committee.

The Hedge Fund Association (HFA) is an international non-profit industry trade and nonpartisan lobbying organization devoted to advancing transparency, development and trust in alternative investments. HFA's global presence spans 5 continents and over 16 countries.

Membership in HFA includes hedge fund firms, financial institutions, funds of hedge funds, family offices, public and private pension funds, endowments and foundations, high net worth individuals, allocators, and service providers including prime brokers, administrators, custodians, auditors, lawyers, risk managers, technologists and third party marketers.