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General Solicitation › Commodities Futures Trading Commission

General Solicitation typically refers to the soliciting of investors to purchase securities. Prior to the passage of the JOBS Act in 2012, general solicitation was banned in connection with privately offered... more +
General Solicitation typically refers to the soliciting of investors to purchase securities. Prior to the passage of the JOBS Act in 2012, general solicitation was banned in connection with privately offered unregistered securities. Issuers were only permitted to offer such securities to investors with whom they had a pre-existing substantive relationship. Section 201(a) of the JOBS Act lifted the ban on general solicitation, but only with respect to accredited investors.  less -
Dechert LLP

CFTC Finalizes Regulation Amendments: Certain Registered and Exempt CPOs and CTAs Need to Take Action

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The Commodity Futures Trading Commission published in the Federal Register on December 10, 2019 several amendments to the regulatory framework applicable to certain commodity pool operators (CPOs) and commodity trading...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Proposes to Simplify, Modernize Commodity Pool Operator and Commodity Trading Advisor Regulations

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On October 18, 2018, the Commodity Futures Trading Commission (CFTC) published a proposal in the Federal Register (Proposed Rule) to amend several key compliance and registration regulations governing commodity pool operators...more

Mayer Brown Free Writings + Perspectives

CPO and CTA Rule Proposals

Mayer Brown Free Writings + Perspectives on

Earlier this month, the Commodity Futures Trading Commission proposed rules that would codify certain relief provided to commodity pool operators and commodity trading advisors in the post Dodd-Frank Act years....more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest - Volume X, Issue 31

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SEC Division of Corporate Finance Issues New CD&Is Relating to General Solicitation and Regulation D - On August 6, the Staff of the Division of Corporate Finance of the Securities and Exchange Commission (Staff)...more

Morrison & Foerster LLP - JOBS Act

CFTC Reauthorization Bill Includes JOBS Act Fix

Morrison & Foerster LLP - JOBS Act on

The House Agricultural Committee passed the CFTC authorization bill late last week, HR 2289. HR 2289 incorporates in Section 312 a provision that was part of a bill introduced by Congressman Fincher to harmonize the...more

Carlton Fields

CFTC Follows SEC’s Lead on "General Solicitation"

Carlton Fields on

Seeking to harmonize governing rules, the staff of the Commodity Futures Trading Commission (CFTC), by letter dated September 9, granted exemptive relief that enables commodity pool operators (CPOs) to rely on CFTC...more

Dechert LLP

CFTC Issues Exemptive Relief Related to JOBS Act Amendments to Regulation D

Dechert LLP on

The Division of Swap Dealer and Intermediary Oversight (Division) of the U.S. Commodity Futures Trading Commission (CFTC) on September 9, 2014 issued a letter granting exemptive relief from provisions in CFTC Regulations...more

Morrison & Foerster LLP - JOBS Act

The More Things Change….

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Today, September 23rd, is the one year anniversary of the effective date of the changes relaxing the prohibition against general solicitation in certain offerings made under Rule 506 and resales made pursuant to Rule 144A....more

Troutman Pepper

CFTC Grants Exemptive Relief to Private Fund Managers: General Solicitation Conditionally Permitted

Troutman Pepper on

The JOBS Act and the regulations thereunder (which went effective on September 23, 2013) applies to private issuers – including hedge funds and private equity funds – that want to make general solicitations within the context...more

Katten Muchin Rosenman LLP

CFTC Aligns CPO Regulation With JOBS Act, Provides Other Guidance for CPOs

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The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) recently issued several letters affecting commodity pool operators (CPOs): JOBS Act Harmonization: On September 9,...more

Morrison & Foerster LLP - JOBS Act

Kind-a-Sort-a

Morrison & Foerster LLP - JOBS Act on

In the last few days, we received a few inquiries regarding our prior post on the CFTC’s temporary relief permitting funds to engage in general solicitation to the text that the funds were conducting Rule 506(c) offerings or...more

Proskauer Rose LLP

CFTC Permits CPOs to Advertise

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On September 9, 2014, the Commodity Futures Trading Commission (CFTC) issued an exemptive letter (No. 14-116) that permits a commodity pool operator (CPO) relying on an exemption under CFTC Regulation 4.7(b) or 4.13(a)(3) to...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Publishes Long-Awaited JOBS Act Relief

Akin Gump Strauss Hauer & Feld LLP on

The staff of the Commodity Futures Trading Commission (CFTC) published a no-action letter on September 9, 2014 (available here) that permits certain commodity pool operators (CPOs) to conduct general solicitation in private...more

Foley Hoag LLP

CFTC Issues Exemptive Relief to Harmonize with JOBS Act Amendments to Regulation D and Rule 144A

Foley Hoag LLP on

The U.S. Commodity Futures Trading Commission (“CFTC”) issued an Exemptive Letter on September 8, 2014 (“Exemptive Letter”) providing that an issuer relying on Rule 506(c) of Regulation D and resellers relying on Rule 144A,...more

Morrison & Foerster LLP - JOBS Act

CFTC’s (Sort-of) Relief for Funds Using General Solicitation

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The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter that provides exemptive relief until the CFTC takes action on JOBS Act related amendments to its Part 4 Rules....more

Stinson - Corporate & Securities Law Blog

CFTC Eliminates Barrier to Hedge Funds Using JOBS Act General Solicitation

Stinson - Corporate & Securities Law Blog on

Many hedge funds have been reluctant to use general solicitation to offer securities because of the possibility it would be inconsistent from exemptions related to CPO (commodity pool operator) regulations administered by the...more

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update -- October 2013

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- Regulatory Updates: CFTC Adopts “Substituted Compliance” Approach for Registered Investment Companies that are Commodity Pools; SEC’s Final Rules on General Solicitation and Bad Actor Disqualification for Investment...more

Morrison & Foerster LLP - JOBS Act

JOBS 2.0 Hearing Rescheduled

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On October 24, 2013, the House Subcommittee on Capital Markets and GSEs will hold a hearing on “Legislative Proposals to Reduce Barriers to Capital Formation.” The hearing was originally scheduled for earlier in the month,...more

Morrison & Foerster LLP - JOBS Act

De Minimis Exemption Inhibiting Funds

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Quite a number of collective investment vehicles, including funds, and other entities that may not be viewed by the CFTC as “operating companies” may, in the absence of specific relief or an available exemption, be a...more

Troutman Pepper

The Impact Of Rule 506(c) On Private Funds And Their Managers Who Are Legally Avoiding Full Registration As Commodity Pool...

Troutman Pepper on

The Jumpstart Our Business Startups Act (JOBS Act) directed the U.S. Securities and Exchange Commission (SEC) to eliminate the prohibition against general solicitation or general advertising in any offering of securities...more

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update -- July 2013

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In This Issue: Regulatory Updates - SEC Proposes Money Market Reform; SEC Eases Ban on General Solicitation and General Advertising in Certain Private Placements; SEC and CFTC Adopt Joint Rules to Address...more

Morrison & Foerster LLP - JOBS Act

Advertising Restrictions Apply to Commodity Pools

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In prior posts, we have noted that the relaxation of the ban on general solicitation in no way relieves certain registered entities of their obligations to comply with regulations related to advertising or promotional...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - July 12, 2013

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In this issue: - SEC Adopts and Proposes New Rules, Including Easing the Prohibition on General Solicitation - District Court Vacates SEC’s Resource Extraction Issuer Rule - SEC Announces Three New...more

Foley Hoag LLP

SEC Passes Final Rules Implementing JOBS Act Amendments to Regulation D

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On July 10, 2013, the SEC voted 4-1 to approve final rules, which included the adoption of new subsection (c) to SEC Rule 506 of Regulation D under the Securities Act of 1933, permitting the use of general solicitation and...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - March 25, 2013

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In This Issue: *Financial Industry Developments - Agencies Issue Updated Leveraged Lending Guidance - CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations - FHFA...more

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