A fundamental requirement of Regulation D is that there be no general solicitation or advertisement used in connection with the solicitation of an investment in a hedge fund. Improper use of the Internet can expose a hedge fund and its manager to enforcement action by the SEC and jeopardize their ability to rely on the safe harbor of Regulation D of the Securities Act of 1933, as amended. Hedge fund managers may not provide offering materials on a website, unless the offering materials are only provided to prospective investors who have a pre-existing substantive relationship with the manager.