Distribution Manager

Distribution Manager is used by the lead manager or book runner of a firm-commitment initial public offering (IPO) or follow-on offering to report underwriting commitments and retentions on behalf of the syndicate. In addition to the underwriting data required by FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings), the system also allows firms to provide underwriting data on a voluntary basis for equity follow-on offerings that have been filed with FINRA pursuant to FINRA Rule 5110 (Corporate Financing Rule).

 

FINRA will notify firms of the deadlines to submit the initial and final data. After an IPO or follow-on offering has been cleared by the Corporate Financing Department, the firm designated as the lead manager or book runner will be able to see the Initial Distribution Form (DIR) displayed in Firm Gateway^®. In the case of an IPO, the lead managing underwriter or book runner will be required to provide the underwriters, the anticipated effective date, and the commitment and retention information for each underwriter in the DIR form on or before the offering date.

 

Similarly, for both IPOs and follow-on offerings, the lead manager will be notified when the Final Distribution Form (DFR) is available in Firm Gateway. The lead managing underwriter or book runner should populate the form with the final list of distribution participants and their underwriting commitment and retention amounts, no later than three business days (T+3) after the offering date.

 

Rules & Notices

• FINRA Rule 5110
• FINRA Rule 5130
• Notice to Members 04-20
• Notice to Members 05-65
• Notice to Members 07-34

 

How to Request Access

• The Super Account Administrator (SAA) at each FINRA member firm has the ability to assign user access rights to Distribution Manager for themselves and employees at their firm.
• If your firm has designated an SAA for FINRA systems, contact that individual to change your existing user account or to create a new user account for you. To determine whether your organization has an SAA, log in to the Firm Gateway, click on "My Account" and view information from the "Applications & Administrators" link. If you do not have access to the Firm Gateway, contact FINRA at (301) 869-6699 to find out who at your firm is designated as the SAA.
• If your firm has not yet named an SAA, your firm must do so in order to access the Distribution Manager. View instructions on how to entitle someone at your firm to serve in this role. Once your firm's SAA has been designated, contact that individual to request access to the Distribution Manager.