Client Alert

FINRA Adopts Rules To Govern Member Private Offerings

June 24, 2009

By Paul Hastings Professional

Effective June 17, 2009, new FINRA Rule 5122 will regulate member private offerings, private offerings of unregistered securities of FINRA members or their control entities. Rule 5122 is intended to address detected abuses in such private offerings. Although Rule 5122 will be effective as of June 17, 2009, it will not apply retroactively to any offerings that have already commenced selling efforts as of that date.

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