Attention hedge funds, private equity funds, venture capital funds and other private funds. This evening, the CFTC Division of Swap Dealer and Intermediary Oversight issued CFTC Letter 14-116 providing exemptive relief (for some funds) from the general solicitation restrictions in CFTC Rules 4.7 and 4.13(a)(3) to harmonize the CFTC rules with the SEC rules changes arising from the Jumpstart Our Business Startups Act. Until now, many private funds have been unable to take advantage of provisions in the JOBS Act permitting general solicitation of investors due to restrictions in CFTC Rules 4.7 and 4.13(a)(3).… Continue Reading