New opportunities to market investment funds in the USA

For the sponsor or manager of a non‐US investment fund, the mantle of US laws and regulations surrounding the offering of fund shares to US investors can be mystifying. In an effort to simplify and clarify the legal miasma, the US Congress and Securities and Exchange Commission (SEC) have in the past year taken action to facilitate the offering of interests to more sophisticated investors in both foreign and domestic private investment funds. This paper describes the recent legislation enacted by Congress, rules and interpretations issued by the SEC and its staff to implement and effectuate the legislation and strategies for privately offered investment companies to take advantage of the new, more liberal regulatory scheme.