Implications Of FINRA Rule 5122

Law360, New York (October 23, 2009, 6:26 PM EDT) -- The stresses in the commercial real estate and oil and gas industries in the recent past have required the full concentration of sponsors, broker-dealers and investors in the direct participation private placement market. Much of this product, particularly commercial real estate and oil and gas royalty interests, is sold through the tenant-in-common distribution channel.

While the sponsors, broker-dealers and investors have been forced to focus more on resolving existing problems than on new sales or planning for the future, some observers of the problems, notably government...
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