For smaller funds that may not have great media exposure, the relaxation of rules could prove valuable, allowing firms to communicate with a wider range of investors.

“A lot of the time, once legal counsel is done with your marketing material, it’s impotent,” said Abhinav Shukla, a founder of AlphaHarvest Capital, a small New York-based hedge fund.

A change in the marketing restrictions for hedge funds, Mr. Shukla said, would allow him to build a more robust Web site for his fund without angering lawyers or regulators. The site, he theorized, could include not only photographs of him and his business partner, but also information about the fund and recommendations for specific types of investors.

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