5d. PF - Marketing and Sales of Private Fund Interests (Intermediate)
Private Fund interests are most frequently marketed and sold in the United States in reliance on an exemption from Securities Act registration under Rule 506(b). The availability of these exemptions depends on compliance with limitations on, among other things, the manner of offering. In addition, the marketing of fund interests is subject to the Marketing Rule, and this session will examine in depth how those requirements are being interpreted and applied by regulators and the private fund community and continuing ambiguities (in addition to the intersection with FINRA’s limitations). Marketing Rule considerations relating to marketing of advisory services are addressed in a separate program. This program assumes familiarity Regulation D, the SEC’s Marketing Rule, and broker-dealer registration requirements and will focus on challenging aspects of those provisions, best practices with respect to related policies and procedures, and common pitfalls. This session is open to regulators but closed to members of the press.
