The Securities and Exchange Commission approved rules that permit the use of advertising and other forms of “general solicitation” in private offerings in a 4-1 vote on its meeting on July 10, reported a recent article in Investment News titled, “SEC Oks Advertising of Private Placements to General Public.”
Private-placement issuers will be expected to take reasonable steps to assess an investor’s qualifications – such as providing written confirmation from a broker-dealer or an investment adviser.

Also mentioned in a Compliance Week article titled, “Private Securities Offerings Just Got a Lot Less Private,” discussing the same topic, Brian S. North told Investment News that, “An investment adviser may be called on to provide [third party] verification.”

The Investment News article went on to explain how some supporters believe that the law will help entrepreneurs raise capital, while others are saying that the advertising ban is being lifted without including sufficient investor protection. 

Read the full article - “SEC Oks Advertising of Private Placements to General Public”  (Investment News, July 10, 2013)*
Read the full article - “Private Securities Offerings Just Got a Lot Less Private” (Compliance Week, July 10, 2013)*

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