Corporate & Securities Law

By Jim Hamilton

FINRA Proposes New Registration Category for Investment Banking Professionals

The Financial Industry Regulatory Authority filed with the SEC a proposed rule change to create a Rule 1032(i) to add a new category for limited representative registration for investment banking professionals. Similarly, the proposal would adopt registration requirements for principals who supervise investment banking activities.

The proposed registration category would not cover individuals whose investment banking work is limited to public (municipal) finance offerings, direct participation program offerings, or private securities offerings.

The rule change will not be effective until it is published for comment and approved by the Securities and Exchange Commission.

For proposed rule text, please see
http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=3585

To submit electronic comments, use the SEC's Internet comment form

http://www.sec.gov/rules/sro.shtml or send an email to rule-comments@sec.gov that includes File Number SR-FINRA-2009-006 on the subject line.

Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F. Street, NE, Washington, DC 20549-1090.

Full post as published by Jim Hamilton's World of Securities Regulation on February 20, 2009 (boomark / email).