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Jun 24, 2013

Private Placement Update: FINRA Proposes Form of Electronic Filing for Private Placements Under Rule 5123

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On June 20, 2013, the U.S. Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change with the Securities and Exchange Commission (“SEC”) concerning the obligations of members under FINRA Rule 5123 to provide notice when participating in certain private placements of securities. The rule change would require members covered by Rule 5123 to electronically file the Private Placement Form (“Form”) via FINRA Firm Gateway. It also expands the Form to include disclosure of specified additional information if known to the member. Notably, FINRA has requested that the rule change become effective immediately upon filing.

Private Placement Update: FINRA Proposes Form of Electronic Filing for Private Placements Under Rule 5123"

Authors and Contributors

Russell Sacks

Partner

Financial Institutions Advisory & Financial Regulatory

+1 212 848 7585

+1 212 848 7585

New York

Charles Gittleman

Of Counsel

Financial Institutions Advisory & Financial Regulatory

+1 212 848 7317

+1 212 848 7317

New York

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London