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Category Archives: Communications

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FINRA Proposes Amendments to Communications Rule to Help Clarify Application to Debt Research Reports

Posted in Communications, FINRA, Research

On June 24, 2016, FINRA proposed amendments to its communications rule, Rule 2210, to help clarify the application of Rule 2210 to debt research reports, in light of the new debt research rule, Rule 2242.  The implementation date for the proposed amendments is July 16, 2016, which is the current effective date for Rule 2242…. Continue Reading

Practice Pointers on Navigating the Securities Act’s Prohibition on General Solicitation and General Advertising

Posted in C&DI, Communications, General Solicitation, JOBS Act News, SEC News

The SEC has not explicitly defined the terms “general solicitation” or “general advertising” in Regulation D under the Securities Act of 1933.  However, Rule 502(c) of Regulation D lists several examples of general solicitation and general advertising, including (1) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or… Continue Reading

House of Representatives Passes the HALOS Act; Fair Access to Investment Research Act of 2016 is Introduced

Posted in Broker-Dealer Registration, Communications, General Solicitation, Regulation D, Research

On April 27, 2016, the House of Representatives passed the Helping Angels Lead Our Startups Act (H.R. 4498) (the “HALOS Act”), which was first introduced on April 16, 2015.  The HALOS Act directs the SEC to amend Regulation D under the Securities Act to make the prohibition against general solicitation or general advertising inapplicable to… Continue Reading

FINRA and OCIE: Examining Private Placements

Posted in Communications, Crowdfunding, FINRA, Private Placements, Regulation D, Rule 506

Readers of this blog are familiar with the recent regulatory changes that have created new possibilities for non-registered capital raises in the U.S.: general solicitations in Regulation D offerings, Regulation A+, crowdfunding, and to a lesser extent, new Section 4(a)(7) under the 1933 Act. Many applaud the additional flexibility provided by these changes.  At the… Continue Reading

BDC Bill Approved by Financial Services Committee

Posted in BDCs, Communications

Today, the House Financial Services Committee voted 53-4 in favor of HR 3868 sponsored by Congressman Mulvaney (see text:  https://www.govtrack.us/congress/bills/114/hr3868/text).  Among other things, the bill would make needed changes to the Securities Act that would bring the offering related and communications related provisions of the Act into parity for BDCs.

Easier to Communicate? Remember FINRA’s Communications Rules

Posted in Communications

FINRA’s sweeping overhaul of its rules governing communications with the public become effective today.  The new rules and guidance, which the SEC approved last year, are likely to keep compliance officers busy for quite some time. The revisions simplify some rules, but also create new compliance challenges.  Most significant, FINRA reduced the number of categories… Continue Reading