Pillsbury Winthrop Shaw Pittman

SEC lifts the ban on general advertising and solicitation for certain private placements

By Kimberly V Mann

On 10 July 2013, the Securities and Exchange Commission adopted the long-awaited amendments to Rule 506 of Regulation D under the Securities Act of 1933 (the Securities Act), which will allow issuers to engage in general solicitation and general advertising in connection with offers and sales of securities in private placements conducted in accordance with Rule 506(c).

Rule 506(c) has the potential to completely transform private fundraising by opening offerings to investors that otherwise would not have access, and providing investment funds and other private issuers with sources of capital that previously have been unavailable.

These amendments, which will become effective 60 days after publication in the Federal Register, have come at a time when fundraising opportunities in Europe may be diminishing for some private fund managers due to changes in private placement rules mandated by the Alternative Investment Fund Managers Directive…

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