AIFMD prohibits use of Reg D marketing exemption

GPs that wish to mass advertise in the US may find themselves in violation of Europe's AIFM directive.

Fund managers that choose to make use of recent regulatory reforms in the US that allow private fund managers to widely advertise their funds to the public should be careful not to fall foul of stricter EU marketing rules, warn legal sources. 

In July, the US Securities and Exchange Commission voted to lift the general solicitation ban under Regulation D.

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