Even before the advent of hedge funds, there was already a rule, which forbade them - as private, to unregistered investors - advertise their services. US Securities and Exchange Commission lifts ban, established during the Great Depression – one year later, established by the JOBS act. Four of the Commissioners, including its Chairman Mary Joe White, voted for the new rule, one against. “Given the well-defined content of the act and the deadline set by it, which took place last July, the commission should not delay making a decision ", said White before the vote. "It, certainly, doesn't mean, that the commission should not provide investors with additional protection of their interests, if it becomes necessary ". It was the lack of such guarantees that caused discontent among human rights organizations and commission member Louis Aguilar, who voted against the innovation. In his opinion, without general principles of protecting the interests of investors, lifting the ban on public appeals to buy services would be a blessing for scammers. “Based on our experience, this will lead many investors to financial disaster ".
