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CFTC Opens Door for Use of Jobs Act General Solicitations
12 September 2014
View Client Update
A recent letter from the Division of Swap Dealer and Intermediary Oversight of the CFTC grants exemptive relief permitting general solicitation by certain CPOs (such as private fund and securitization sponsors) under certain circumstances.
The letter grants exemptive relief from the CFTC Regulation 4.7(b) requirements that an offering be exempt pursuant to section 4(a)(2) of the Securities Act and be offered solely to QEPs, and from the requirement in CFTC Regulation 4.13 (a)(3)(i) that securities be “offered and sold without marketing to the public,” subject to certain conditions and a notice filing with the CFTC.
Thus, CPOs may engage in general solicitations as contemplated by SEC Rule 506(C) or 144A.
Kenneth J. Berman
Gary E. Murphy
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