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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

By Jim Hamilton

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Proposed FINRA Rule 5122 to Impose Requirements Regarding Member Private Offerings

Financial Industry Regulatory Authority, Inc. (?FINRA?) filed with the Securities and Exchange Commission (?SEC? or ?Commission?) a proposed rule change to adopt new FINRA Rule 5122. As proposed, the rule would require a member that engages in a private placement of unregistered securities issued by the member or a control entity to: (1) make certain disclosures to investors in a private placement memorandum (?PPM?): (2) file the PPM with FINRA: and (3) commit that at least 85 percent of the offering proceeds will be used for the business purposes identified in the PPM.

For more information, please see
http://www.finra.org/Industry/Regulation/RuleFilings/2008/P039132

Full post as published by Jim Hamilton's World of Securities Regulation on January 27, 2009 (boomark / email).