FINRA proposes to amend Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and Rule 5131 (New Issue Allocations and Distributions), which are known as the spinning and withholding rules and which were adopted after the dotcom bust.
The proposed rule change would exempt additional categories of persons from the restrictions…
Earlier this month, FINRA responded to comments submitted regarding proposed amendments to Rule 5110 (see: https://bit.ly/2MlXCU4) and filed an amended proposal with the Securities and Exchange Commission (see: https://bit.ly/31bECMr). Exhibit 4 shows the changes proposed in this Partial Amendment No. 1 in a blacklined version.
In Partial Amendment No. 1 FINRA is, among…
FINRA has released guidance, in question-and-answer format, with respect to FINRA member firm requirements to make filings under FINRA Rule 5122 and Rule 5123. The Q&A addresses a number of frequently asked questions, including whether a placement agent may file on its behalf and on behalf of other placement agents, the types of materials that…
On June 20, 2019, the Financial Industry Regulatory Authority, Inc. (“FINRA”) proposed amendments to FINRA Rule 2210 (Communications with the Public) and FINRA Rule 2241 (Research Analysts and Research Reports) to further the rules adopted by the Securities and Exchange Commission (“SEC”) last year as required by the Fair Access to Investment Research Act of…
Recently, FINRA refiled with the SEC proposed rule changes to its Corporate Financing Rule, which is Rule 5110. We had previously posted regarding FINRA’s proposed amendments, which were withdrawn. This new set of changes addresses a number of areas, including the filing requirements under the rule, the requirements applicable to shelf takedown, the items of…
In this year’s priorities letter identifying the areas of focus for FINRA examinations during the year, FINRA notes that it will review online distribution platforms. Specifically, the letter notes that some firms are involved in the distribution of securities pursuant to Rule 506(c) and Regulation A under the Securities Act. FINRA notes that in some…
All communications by FINRA member firms are subject to the communications rule—Rule 2210—which has approval and review, recordkeeping, filing and content standards. The rule also includes exceptions from many of its requirements. In recent years, FINRA has updated its advice relating to the use of social media by member firms, in response to the rapidly…
FINRA today published its Report on FINRA Examination Findings and highlights private placement related concerns. In its examinations of the practices of many broker-dealers, the report notes FINRA found instances where the diligence review undertaken in connection with private placements was not sufficient in scope or depth to be considered a “reasonable investigation of the…
On October 30, 2018, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change to amend FINRA Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) (the “Rule”), which is the main FINRA rule regarding compensation in securities offerings, with the Securities and Exchange Commission (“SEC”).
The proposed Rule includes the following…
Wednesday, November 14, 2018
1:00 PM – 2:00 PM Eastern
During this webinar, we will explore the proposed Regulation Best Interest rule and related developments. Topics include:
…
We use cookies to enhance your experience of our websites and to enable you to register when necessary. By continuing to use this website, you agree to the use of these cookies. For more information and to learn how you can change your cookie settings, please see our Cookie Policy and our Privacy Notice.
