The Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a rule on information confidentiality that contradicts one from the Financial Industry Regulatory Authority. The situation is expected to further increase the cost of marketing alternative investments. Regulatory investigation and arbitration also are likely to be affected. Broker-dealers and financial advisers will need to change the traditional ways in which alternative investments have been marketed, writes Kevin Duffy, a partner at Kaufman Dolowich Voluck & Gonzo.

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