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Morrison & Foerster LLP | USA | 10 Oct 2011

The evolution of a rule: FINRA proposes Rule 5123 in lieu of proposed Rule 5122

FINRA stated that it is proposing to adopt new Rule 5123 (Private Placements of Securities) to ensure that investors in private placements are provided with detailed information about the intended use of offering proceeds, the offering expenses and offering compensation.


Morrison & Foerster LLP | USA | 27 May 2010

FINRA issues regulatory notice reminding broker-dealers of their obligation to conduct reasonable investigations in Regulation D offerings

On April 20, 2010, the Financial Industry Regulatory Authority ("FINRA") issued Regulatory Notice 10-22 (the "Notice") reminding broker-dealers of their obligation - enforceable under federal securities laws and FINRA rules - to conduct a reasonable investigation of the issuer and the securities they recommend in offerings made pursuant to Regulation D under the Securities Act of 1933 (the "Securities Act").

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