Private Placement Improvement Act of 2014 - Directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than the date of first sale of such securities, a single notice of sales containing the information required by Form D for each new offering of securities.

Prohibits the SEC from: (1) requiring the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) conditioning the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) requiring issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority.

Directs the SEC to revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a "knowledgeable employee" of that private fund or the fund's investment adviser.

Prohibits the SEC from extending to private funds the requirements governing investment company sales literature.