Under The Microscope: FINRA Rule 5123

Law360, New York (December 5, 2011, 6:26 PM EST) -- The U.S. Securities and Exchange Commission recently issued a notice of a rule filing to adopt the Financial Industry Regulatory Authority’s proposed Rule 5123. The SEC is expected to act upon the rule filing by Jan. 20, 2012.

The proposed rule, among other things, would require FINRA members and associated persons to complete notice filings of disclosure documents for private placements of securities and to provide disclosures to investors prior to sale concerning the anticipated use of offering proceeds. The rule filing would have a significant...
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