In the last few days, we received a few inquiries regarding our prior post on the CFTC’s temporary relief permitting funds to engage in general solicitation to the text that the funds were conducting Rule 506(c) offerings or relying on Rule 144A for resales. Following the SEC’s amendments to Rule 506 and Rule 144A, many funds had anticipated that they would be able to communicate more freely on a regular basis about their business and performance results. For example, many expressed a desire to make more information generally available on fund websites rather than behind password-protected walls. Others hoped that they would be able to have more flexibility in making presentations at conferences. These general discussions might or might not be viewed as “general solicitations.” As we have previously discussed, the type of communications that may be viewed as “general solicitations” is potentially quite broad and funds might engage in capital-raising activities with some frequency. Even if a fund was closed to new investments, a general communication on a website or at a conference (as opposed to a targeted or bilateral communication with an investor with which the fund had a pre-existing relationship) might well, in hindsight, be viewed as a general solicitation for an upcoming raise. As pointed out in our blog post, the CFTC relief quite specifically addresses instances in which a fund states affirmatively in its communication to the DSIO of the CFTC that it is engaging in a “general solicitation” in connection with a Rule 506 offering. A fund may be reluctant to file such a letter if a Rule 506 offering is only a possibility. There are no real communications safe harbors available to a fund, so, in the absence of amendments to the Part 4 rules, more regular communications may be limited.