As seen on TV: Hedge funds can hit the airwaves

Charly Franklin | Taxi | Getty Images

Starting Monday, hedge, private equity and other private funds are allowed to market themselves freely for the first time. But will they actually do it?

So far, the most vocal supporters of the new rules have been service providers like public relations firms, online fund marketing portals and media companies. The group has been salivating in the press and in private at the potential for new business since President Barack Obama signed the Jumpstart Our Business Startups (JOBS) Act in April 2012.

The Securities and Exchange Commission worked out most of the details as of Monday and private funds can now do virtually whatever they want to brand themselves and raise money. Fund managers can, for example, sponsor golf tournaments; buy glossy advertisements in trade magazines, cold-call potential investors and—gasp!—speak freely with the media.

But few funds are acting on the new freedom.