SEC Proposes Amendments to Rule 156 following repeal of the ban on General Solicitation under Rule 506

Simon RivelesAdvertising, False and Misleading Communication, General Solicitation, Hedge Funds, Reg D Rule 506, Rule 156

By Peter Tyson and Simon Riveles Following the SEC’s adoption of amended Rule 506, the SEC has proposed amendments to Rule 156 of the Securities Act of 1933 to extend the rule’s interpretive guidance on sales literature to private funds.  The proposed amendments to Rule 156 reflect the SEC’s concerns regarding fraudulent and misleading sales literature, the incidence of which could increase given the adoption …