http://techcrunch.com/2013/07/10/sec-general-solicitation-ban-lifted/
The SEC voted in favor of section 201(a) of the JOBS Act (The Jumpstart Our Business Act) which lifts the ban on general solicitation and permits startups, venture capitalists, and hedge funds to openly advertise they are raising money in private offerings. Investment is still limited to accredited investors worth more than $1 million liquid net worth, and fundraisers must take reasonable steps to ensure investors are in fact accredited.
Major implications of the approval include:
Makes it significantly easier for companies to raise capital to start or continue financing a business
General solicitation will broaden the investment pool to investors outside the insular world of Silcon Valley
General solicitation will make it easier for investors to find companies they are passionate about supporting
Ability to advertise fundraising could spawn high-impact startups that never would have existed outside of Silicon Valley
The SEC is still to rule on Title III of the JOBS Act, Crowdfunding