On August 29, the Securities and Exchange Commission proposed amendments to Rule 506 of Regulation D, as promulgated under the Securities Act of 1933, to implement Section 201(a)(1) of the Jumpstart Our Business Startups (JOBS) Act, which would eliminate the prohibition against general solicitation and general advertising as it applies to offers and sales of securities made pursuant to Rule 506, provided that all purchasers of the securities are accredited investors and the issuer takes reasonable steps to verify that the purchasers are accredited investors. The proposed amendments, if adopted as proposed, could greatly impact the marketing of private fund issuers, such as hedge funds, venture capital funds, private equity funds and real estate funds.  The attached GT Alert — SEC Proposes Rule to Eliminate Ban on General Solicitation and Advertising — provides more information on this important development which could impact the way regional centers market their projects.