FINRA's Capital Acquisition Broker Rules Face Tough Sell
By Tom Zanki (September 12, 2016, 8:48 PM EDT) -- Under newly approved Financial Industry Regulatory Authority rules, brokerages that engage in limited activity, such as advising certain private placements or private mergers and acquisitions, can benefit from lighter regulation, but attorneys doubt the relief goes far enough to make a splash.
On Aug. 18, the U.S. Securities and Exchange Commission approved the FINRA rules, which carve a separate category of "capital acquisition brokers," exempting them from certain, more rigorous requirements that apply to full-fledged broker-dealers. The idea is certain firms that handle a limited scope of activity do not require the same supervision that applies to large brokerages, like Charles Schwab...
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