FINRA Floats New Private Placement Disclosure Rules

Law360, New York (January 26, 2012, 9:30 PM EST) -- The Financial Industry Regulatory Authority is seeking to change proposed disclosure rules for private placements, addressing concerns raised primarily by investment industry groups over clarity, filing requirements and exemptions, according to a notice Thursday.

"With these amendments, FINRA has attempted to address some of the more substantial issues with the prior proposal," said Mark Costley of Drinker Biddle & Reath LLP, who represents both broker-dealers who sell securities and companies that issue them. "However, the proposal, as amended, still represents a significant change in the regulation...
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