A group related ICI is bringing heat to the SEC on hedge fund advertisements.

Hedge funds being able to advertise — following a law signed by Presiden Barack Obama — like mutual funds hasn't sat well with those in the mutual funds industry as has been reported in the MFWire.

Barron's reporter Brendan Conway has a copy of a letter sent to the SEC by The Independent Directors Council, a group which evolved out of the Investment Company Institute.

The letter says the rules for all funds need to be the same:

The Commission’s proposal would allow private funds to advertise publicly, without any restrictions as to content. We are concerned that, without such restrictions, private fund advertisements could be confused with registered fund advertisements, and that registered fund investors will not appreciate or have a basis for evaluating their differences. As discussed below, we urge the Commission to impose content restrictions on private funds similar to those required of registered funds.

Conway has a link to the entire letter here. 

Edited by: Ben Geier


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