Law360, New York (July 20, 2012, 12:55 PM EDT) -- On June 7, 2012, after accepting two more amendments from the Financial Industry Regulatory Authority, the U.S. Securities and Exchange Commission approved FINRA Rule 5123 (“Private Placements of Securities”). Although the final rule is substantially narrower than FINRA’s original proposal, it will still impose some new requirements on broker-dealers selling private placements.
In January 2011, FINRA proposed an amendment to Rule 5122 to extend its reach beyond private placements of securities issued by the broker-dealer to nearly all private placements sold by broker-dealers [FINRA Proposes...
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