News & Analysis as of

Securities Regulation Investment Financial Industry Regulatory Authority (FINRA)

Alston & Bird

FINRA Delays Implementation Date for Previously Adopted Changes to Filing Fees for Public Offering and Private Placement Reviews

Alston & Bird on

New fees from the Financial Industry Regulatory Authority (FINRA) are now on hold until 2027. Our Investment Funds Team examines the new schedule for public offering and private placement reviews....more

Troutman Pepper Locke

FINRA Continues to Scrutinize Customer Facing Communications on Crypto Offerings

Troutman Pepper Locke on

On July 16, TradeStation Securities, Inc., a member firm of the Financial Industry Regulatory Authority (FINRA), submitted a Letter of Acceptance, Waiver, and Consent (AWC) to FINRA’s Department of Enforcement. This AWC...more

Carlton Fields

FINRA Adds On to Its Annual Oversight Report - Building in RILA Sales Guidance for First Time

Carlton Fields on

In a section titled “Annuities Securities Products,” FINRA’s 2025 Annual Regulatory Oversight Report, issued on January 28, 2025, addresses regulatory obligations related to the sales of variable annuities (VAs) and...more

Faegre Drinker Biddle & Reath LLP

FINRA’s Focus on Account Recommendations and Rollovers

FINRA’s continued focus on account recommendations and rollovers is evident in its 2025 FINRA Annual Regulatory Oversight Report (the Report), Based on the Report, broker-dealers and their registered representatives...more

Mayer Brown Free Writings + Perspectives

FINRA Proposes to Exempt BDCs from its IPO Purchase Restriction Rules

On March 20, 2025, the Financial Industry Regulatory Authority (FINRA) proposed amendments to its rules imposing restrictions on the purchase and sale of equity securities offered in initial public offerings (IPOs) (Rule...more

Mayer Brown Free Writings + Perspectives

FINRA Seeks Public Comment on Proposed Rule Changes

On December 20, 2024, FINRA requested public comment on its proposed rule changes to Rules 5110 (Underwriting Terms and Arrangements), 5121 (Public Offerings of Securities With Conflicts of Interest) and 5123 (Private...more

Carlton Fields

Expect Focus - Volume IlI, September 2024

Carlton Fields on

Gone With the Wind? Closed-End Funds Risk Extinction - Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more

Carlton Fields

FINRA’s Sky Isn’t Falling (Just Yet)

Carlton Fields on

Is FINRA constitutional? Two cases currently playing out in D.C. federal courts, Alpine Securities Corp. v. FINRA and Kim v. FINRA, tee up that question. But the Financial Industry Regulatory Authority is an unusual target...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Carlton Fields

SEC Seriously Limits Dealer/Trader Distinction: Betting Window Open Re Federal Court Veto

Carlton Fields on

On February 6, 2024, the SEC adopted new rules under the Securities Exchange Act of 1934 (Exchange Act), to expand the scope of “dealers” and “government securities dealers” required to register under the Exchange Act, become...more

Farrell Fritz, P.C.

Making Finders Keepers: Unregistered Broker-Dealers and the Need for Reform

Farrell Fritz, P.C. on

Identifying potential investors is one of the most difficult challenges facing early-stage companies.  The range of amounts sought at this stage is typically greater than what could be provided by the founders and friends and...more

Burr & Forman

Targeted FINRA Exam: Zero Commissions Pressuring Best-Ex?

Burr & Forman on

FINRA issued a targeted-exam letter on February 20, 2020 seeking information on the effect of zero-commission trading upon compliance with related obligations of Best Execution, payment for order flow, and non-commission...more

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