{"id":44224,"date":"2017-08-01T04:05:36","date_gmt":"2017-08-01T02:05:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/not-a-word-about-your-fundraising-impact-of-jobs-act-on-basic-rules-of-the-game-for-funds-with-u-s-investors-and-u-s-marketing\/"},"modified":"2017-08-01T04:05:36","modified_gmt":"2017-08-01T02:05:36","slug":"no-word-to-your-fundraising-impact-the-job-acts-on-basic-rules-of-the-game-for-funds-with-us-investors-and-us-marketing","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/no-word-to-your-fundraising-impact-the-job-acts-on-basic-rules-of-the-game-for-funds-with-us-investors-and-us-marketing\/","title":{"rendered":"Not a word about your fundraising! \u2014 Impact of JOBS Act on basic rules of the game for funds with U.S. investors and U.S. marketing"},"content":{"rendered":"

Sonya M. Pauls, LL.B.<\/strong> \u2014 Attor\u00adney at Law and Part\u00adner Barris\u00adter (Lincolns Inn\/England & Wales), Soli\u00adci\u00adtor (England & Wales), Attor\u00adney at Law (New York) at SJ Berwin LLP, Munich and London<\/p>\n

Benja\u00admin Letz\u00adler<\/strong> \u2014 Asso\u00adciate (Attor\u00adney at Law, JD, Harvard) SJ Berwin LLP, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

Although many Euro\u00adpean funds have U.S. inves\u00adtors or at least want to target them in their fund\u00adrai\u00adsing, many Euro\u00adpean private equity (PE) firms are unaware of the basic U.S. legal rules of the game. In parti\u00adcu\u00adlar, viola\u00adti\u00adons of the fund\u00adrai\u00adsing announce\u00adment requi\u00adre\u00adments (inclu\u00adding first closing announce\u00adments), which remain very criti\u00adcal for U.S. place\u00adments, can be obser\u00adved almost daily in the Euro\u00adpean market. Since April 2012, there has been exten\u00adsive debate in the market about whether new laws in the U.S. will allow more gene\u00adrous marke\u00adting in the private equity sector.<\/strong><\/p>\n

The previous set of rules<\/strong><\/p>\n

The U.S., compared to other juris\u00addic\u00adtions, is compa\u00adra\u00adtively, and to many surpri\u00adsin\u00adgly, rest\u00adric\u00adtive in the marke\u00adting of private equity funds. Most importantly \u2014 the regu\u00adla\u00adti\u00adons apply extra-terri\u00adto\u00adri\u00adally and must also be follo\u00adwed by non-US GPs if they wish to raise US funds.<\/p>\n

Fund advi\u00adsors are ther\u00ade\u00adfore mindful to remind teams that, prior to Final Closing, any form of disclo\u00adsure or marke\u00adting that quali\u00adfies as a \u201cgene\u00adral soli\u00adci\u00adta\u00adtion\u201d or \u201cgene\u00adral adver\u00adti\u00adsing\u201d under U.S. law may trig\u00adger signi\u00adfi\u00adcant legal impe\u00addi\u00adments to fund\u00adrai\u00adsing in the U.S. and may itself trig\u00adger crimi\u00adnal penal\u00adties for the respec\u00adtive GPs. Further\u00admore, a viola\u00adtion of this may result in with\u00addra\u00adwal rights on the part of U.S. investors.<\/p>\n

Gene\u00adral soli\u00adci\u00adta\u00adtion\u201d and \u201cgene\u00adral adver\u00adti\u00adsing\u201d include not only the clas\u00adsic measu\u00adres of public distri\u00adbu\u00adtion, but also certain first closing announce\u00adments, inter\u00adviews, and even blog\u00adger state\u00adments \u2014 again, regard\u00adless of whether this is done in the U.S. or else\u00adwhere. The inter\u00adpo\u00adsi\u00adtion of third parties would be conside\u00adred circum\u00adven\u00adtion. This U.S. regu\u00adla\u00adtory frame\u00adwork is still the law and must be followed.<\/p>\n

Easing in sight?<\/p>\n

This exis\u00adting legal frame\u00adwork is in flux with the intro\u00adduc\u00adtion of the U.S. Jump\u00adstart Our Busi\u00adness Start\u00adups Act (\u201cJOBS Act\u201d) on April 5, 2012.<\/p>\n","protected":false},"featured_media":41136,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2536,2604,2613],"product_tag":[1587,2138,2152,2374,2380,2389,2400,2406],"class_list":{"0":"post-44224","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-sonya-m-pauls-ll-b-en","8":"product_cat-fyb-2013-en","9":"product_cat-benjamin-letzler-en","10":"product_tag-fundraising-en","11":"product_tag-pauls-en","12":"product_tag-sonya-m-en","13":"product_tag-letzler-en","14":"product_tag-benjamin-en","15":"product_tag-us-investors","16":"product_tag-fundraising-announcements-en","17":"product_tag-jobs-act-en","18":"pa_sprache-english-3","19":"pa_sprache-german","21":"first","22":"outofstock","23":"taxable","24":"shipping-taxable","25":"purchasable","26":"product-type-variable"},"yoast_head":"\nNot a word about your fundraising! - Impact of JOBS Act on basic rules of the game for funds with U.S. investors and U.S. marketing - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/no-word-to-your-fundraising-impact-the-job-acts-on-basic-rules-of-the-game-for-funds-with-us-investors-and-us-marketing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not a word about your fundraising! - Impact of JOBS Act on basic rules of the game for funds with U.S. investors and U.S. marketing - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Although many European funds have U.S. investors or at least want to target them in their fundraising, many European private equity (PE) firms are unaware of the basic U.S. legal rules of the game. 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