Many market participants were left in a quandary following FINRA enforcement actions in connection with member firm research analyst “participation” in meetings with prospective issuers. Recently, FINRA published a handful of Frequently Asked Questions relating to its research rules (see: http://www.finra.org/industry/faq-research-rules-frequently-asked-questions-faq). The FAQs outline three stages of an IPO a pre-IPO period, a solicitation period,… Continue Reading
In November 2014, and further amended in February 2015, FINRA announced a comprehensive revision of the equity research rule currently numbered as NASD Rule 2711 and proposed a debt research rule modeled on the equity research rule. The equity research rule would be numbered FINRA Rule 2241 and the debt research rule would be numbered… Continue Reading
We invite you to download a free copy of the updated edition of our book, or to request free hard copies for you and your colleagues. Foreign Banks Financing in the United States, published by IFLR, provides a timely discussion of the approaches used by foreign banks to raise capital from US investors. Foreign banks… Continue Reading
Any milestone, such as an anniversary, provides an opportunity for reflection and evaluation. At the one-year anniversary of the JOBS Act, preliminary experience gives reason for some optimism. The centerpiece of the JOBS Act, the “IPO on-ramp” provisions contained in Title I, have proven quite useful. The SEC Staff’s guidance in the form of Frequently… Continue Reading
As we previously reported, FINRA amended its rules relating to research in order to bring them in line with the changes brought about by the JOBS Act. The SEC approved the FINRA rule changes, and earlier this week, FINRA published Notice 12-49, available here http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p196166.pdf.
FINRA has filed with the SEC a proposed rule change to amend FINRA’s rules relating to research in order to bring them in line with the JOBS Act and the SEC Staff’s FAQs addressing research. The proposed FINRA rule change would modify NASD Rule 2711 and NYSE Rule 472. Arranging and Participating in Communications: The… Continue Reading
On August 22, 2012, the SEC’s Division of Trading and Markets published a highly anticipated series of JOBS Act related FAQs addressing various research related matters. The FAQs are available at http://www.sec.gov/divisions/marketreg/tmjobsact-researchanalystsfaq.htm. Although the FAQs are quite consistent with the views that have been expressed over the last few months by SEC Staff, it may… Continue Reading