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What is and is not a solicitation for an SSF

It is important to know when a communication constitutes a solicitation for a separate segregated fund (SSF) in order to know whether the required notices and restricted class requirements have been triggered.

What constitutes a solicitation

A straightforward request for contributions is a solicitation. However, a communication about the SSF could also constitute a solicitation if it:

  • Publicizes the SSF’s right to accept unsolicited contributions from any lawful contributor;
  • Provides information on how to contribute to the SSF; or
  • Encourages support for the SSF.

What is not a solicitation

In advisory opinions, the Commission has concluded that a communication concerning the SSF is not a solicitation if it:

  • Does not encourage support for the SSF; and
  • Does not facilitate the making of contributions to the SSF.

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