The Financial Industry Regulatory Authority requested comment on a proposed rule governing fixed price offerings. The new rule, FINRA Rule 5141 (Sale of Securities in a Fixed Price Offering), would replace the provisions of current NASD Rules 2730, 2740 and 2750. The current NASD Rules generally prohibit the grant or reallowance of certain preferences (e.g., discounts, selling concessions, underwriting recapture or various economic equivalents) to persons outside of the offering syndicates formed to distribute the offered securities. The proposed rule would prohibit persons in these syndicates from offering, directly or indirectly, any securities at a “reduced price,” i.e., any price below the stated public offering price, to any person or account that is not a member of such syndicate or selling group.  

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