Hedge Fund Advertising

Bloomberg View has an editorial suggesting elaborate regulations for advertising of hedge funds. The Bloomberg editorial recommends, among other things, that the hedge fund advertising materials should "be subject to outside review." That one really made me chuckle. I wonder how the Bloomberg editorial writers would feel about some government agency requiring their editorials to be "subject to outside review" before publication. Can it really not have occurred to the editorial writers that the same First Amendment that guarantees their own freedom of speech and of the press to write editorials without prepublication review also guarantees the freedom of speech of the hedge fund advertisers and the publications in which the advertisements appear?