On Wednesday, US regulators lifted an 80 year old ban on advertising by hedge funds, private equity firms and other companies. This paved the way for asset managers to reach a new swath of investors through television and the Internet.

The new rule from the US Securities and Exchange Commission lifted the ban on general advertising on private securities deals. Critics said that the ban was outdated as the new era frequently drives firms to do advertising through Twitter and Facebook.

Bain Capital and Blackstone Group LP can take advantage of the new rules set by the commission. They could engage in TV advertisements as these companies are large players in the industry. However, lawyers and regulators said that smaller funds with fewer resources could put the new rule to test.

The head of the online private marketplace SecondMarket Barry Silbert said that the move taken by the SEC would prove to be very transformative to both big and small players in the market. He also added that his company already developed a general solicitation product that will help issuers handle regulatory requirements.