Two areas of concern are the requirement to file all “written materials provided to investors” with the SEC, and the burden on companies to assure that all participants in a Rule 506(c) placement are accredited investors.
The first seems reasonable enough if the company has, for example, prepared a presentation to be sent to prospective investors, or shown to them at a seminar or similar function. But if the need to file extends to updates to a Facebook page, or even to very brief Twitter notices intended to keep interested readers current with the company's activities, then the requirement does not seem reasonable at all. In order to stimulate interest, these kinds of communications must be constant. To demand that every one be submitted to the SEC in advance—with penalties if that is not done—appears to counter the intention of the new rules, and place an inappropriate burden on the companies.
The requirement that companies using general solicitation and advertising must themselves take “reasonable steps” to assure that participants in their offerings are genuine accredited investors is another burden that could make small companies shy away from using Rule 506(c).