News & Analysis as of

Broker-Dealer Investment Funds Financial Industry Regulatory Authority (FINRA)

Eversheds Sutherland (US) LLP

Amendments to FINRA Rules 5130 and 5131 allow non-traded and Private BDCs to participate in IPOs

On July 23, 2025, the Financial Industry Regulatory Authority, Inc. (FINRA) adopted amendments exempting business development companies (BDCs) from FINRA Rule 5130 (Rule 5130) (Restrictions on the Purchase and Sale of Initial...more

Eversheds Sutherland (US) LLP

FINRA proposes changes to Rules 5130 and 5131, exempting non-traded BDCs from restrictions on participating in IPOs

On March 20, 2025, the Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the US Securities and Exchange Commission (SEC) to exempt certain business development companies (BDCs) from FINRA...more

Alston & Bird

Thinking Ahead: Increased and New FINRA Fees for Public Offering and Private Placement Reviews

Alston & Bird on

Our Investment Funds Team reviews changes to two fees from the Financial Industry Regulatory Authority (FINRA) that begin July 1, 2025....more

Freiberger Haber LLP

Enforcement News: SEC Brings Enforcement Action Involving an Alleged $70 Million Pre-IPO Fraud Scheme

Freiberger Haber LLP on

Pre-IPO investing involves buying a stake in a company before the company makes its initial public offering of securities. Many stock promoters invite potential investors to invest in a pre-IPO offering by providing an...more

K&L Gates LLP

SEC Expands "Dealer" Definition to Capture Liquidity Providers

K&L Gates LLP on

Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

Goodwin

FINRA Proposes to Add ‘Knowledgeable Employees’ to Category of Persons Who May Receive Projections and Targeted Returns Under Rule...

Goodwin on

This amendment builds on FINRA’s recent willingness to relax the prohibition on the use of projections and targeted returns in the marketing materials broker-dealers deliver to institutional investors and qualified...more

Shumaker, Loop & Kendrick, LLP

SEC Requires FINRA Membership for Previously Exempt Broker-Dealers

The Securities and Exchange Commission (SEC) has recently proposed (July 29, 2023) and rapidly adopted (August 23, 2023) amendments to SEC Rule 15b9-1 that will essentially require almost all broker-dealers to become...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 5

On July 27, 2022, FINRA filed a proposed rule change with the SEC to make it easier for brokers to work from home. The proposed rule will add a category termed a “Residential Supervisory Location” under FINRA Rule 3110...more

Bressler, Amery & Ross, P.C.

Private Placements Coming Under Increased Scrutiny

On February 4, 2021, New Jersey Attorney General Grewal announced a New Jersey Bureau of Securities action against GPB Capital Holdings, LLC (“GPB”) its owners, and affiliated companies for an alleged $1.8 billion...more

UB Greensfelder LLP

Another Fine Churning Mess

UB Greensfelder LLP on

While undoubtedly FINRA will be issuing its annual “examination priorities” letter any day now, that is hardly the best way to figure out exactly what FINRA is paying attention to now (as that letter kind of reads the same,...more

Morrison & Foerster LLP

FINRA Provides Guidance On Retail Communications In Private Placements

In July 2020, FINRA issued Regulatory Notice 20-21, which is designed to provide guidance to broker-dealers in connection with their creation and use of retail communications relating to private placements. The notice...more

Vedder Price

OCIE Announces 2020 Examination Priorities

Vedder Price on

On January 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2020 examination priorities for regulated entities, including investment advisers and registered funds. The examination...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – SEC enforcement

The SEC’s Division of Enforcement is likely to be active in 2020, investigating several issues important to broker-dealers and investment advisers. In this Bottom Line videocast, Brian Rubin and Adam Pollet discuss: Cash...more

Faegre Drinker Biddle & Reath LLP

Further Protection for Good Samaritan Brokers: States and FINRA Continue the Push to Protect Senior Investors by Protecting...

Following the passage of last year’s federal Senior Safe Act, several states moved to beef up protections for senior investors by permitting brokers to act without liability. • Rhode Island’s Senior Savings Protection Act...more

UB Greensfelder LLP

An Undisclosed Conflict Of Interest – By FINRA – Results In Bar Being Vacated

UB Greensfelder LLP on

From time to time, I have lamented that FINRA does not hold itself to the same lofty standards to which it holds its members. I realize I am painting with a broad brush, as there are lots of folks at FINRA who do a great job,...more

Akin Gump Strauss Hauer & Feld LLP

January 1 Effective Date for FINRA IPO Allocation Rules Changes

On December 19, 2019, the Financial Industry Regulatory Authority, Inc. (FINRA) adopted amendments to Rules 5130 and 5131 (the “New Issues Rules”) to permit allocations of initial public offering (IPO) profits to certain...more

UB Greensfelder LLP

The Securities Regulators All Have Senior-itis. Maybe For Good Reason.

UB Greensfelder LLP on

The securities industry’s concern over the aging of the U.S. population, specifically, aging investors, has, apparently, reached a fever pitch. On February 5th in New York, SIFMA hosted its “Senior Investor Protection...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Political Law: What to Consider When Providing Investment Fund Services to US State and Local Government...

With heightened attention to investment and depository rules as well as increased enforcement of federal and state pay-to-play rules, registered investment advisers (RIAs) and broker-dealers should address the unique legal...more

K&L Gates LLP

“Covered Investment Fund” Research Begins January 14, 2019

K&L Gates LLP on

The Securities and Exchange Commission (“SEC”) has traditionally recognized the value of market and issuer research to the investment decision-making process....more

Broker-Dealer Compliance + Regulation

FINRA Provides Preview of 2018 Rulemaking Activity

In a December 20, 2017 press release, FINRA announced that, at its final Board of Governors meeting for 2017, it approved the filing of several proposed amendments to its rules. The rule proposals will include the...more

Jackson Walker

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume X, Issue 40

BROKER-DEALER - FINRA Requests Comment on Revised Price Disclosure Information Standards for Corporate and Agency Debt Securities - The Financial Industry Regulatory Authority issued a regulatory notice...more

Katten Muchin Rosenman LLP

FINRA Provides Guidance on Liquidity Risk Management Practices

The Financial Industry Regulatory Authority has issued Regulatory Notice 15-33 to provide guidance on liquidity risk management practices for senior management and risk managers to consider and implement....more

Katten Muchin Rosenman LLP

Bridging the Week - July 2015 #2

Alleged Fictitious Sales to Facilitate Improper Money Pass Prompts CFTC Injunctive Action and Asset Freeze: The Commodity Futures Trading Commission filed a lawsuit in a federal court in Illinois against Yumin Li and Kering...more

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update -- December 2013

Morrison & Foerster LLP on

In This Issue: Regulatory Updates - SEC Continues to Look at a Uniform Fiduciary Standard for Broker-Dealers and Investment Advisers; SEC Grants Unusual Exemptive Relief from Pay-to-Play “Time-Out” Provision;...more

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