Regulatory Notice 12-22

New Electronic Filing System for Public Offering Filings

Executive Summary

On June 4, 2012, FINRA will introduce a new public offering filing system for public offerings that are required to be filed under FINRA Rules 5110, 5121 and 2310 (Corporate Financing Rules).The new Public Offering System will provide operational efficiencies and useful enhancements for filers. The new system will replace COBRADesk, which has been operational since 1999 and will be retired on June 20, 2012. This Notice provides information on the transition period to the new system and describes certain process enhancements for filing shelf offerings.

 

To avoid any potential inaccuracies in the translation of filings submitted through the COBRADesk application, FINRA will not migrate data from COBRADesk to the new system. COBRADesk and the data therein will no longer be available to firms after June 20, 2012. In addition, offerings that were filed in COBRADesk and that are under review as of this date must be refiled in the new system.

 

Firms may address inquiries about refiling to the staff member in the Corporate Financing Department who is reviewing the offering. No additional fees will apply to any offering that is refiled in the Public Offering System if the fees were previously paid when the offering was filed in COBRADesk.

 

Questions regarding this Notice may be directed to:

 

  • Joseph E. Price, Senior Vice President, Corporate Financing/Advertising Regulation, at (240) 386-4642;
  • Paul M. Mathews, Director, Corporate Financing, at (240) 386-4639;
  • Eugene Buchanan, Associate Director, Corporate Financing, at (240) 386-4626; or
  • Joani Ward, Assistant Director, Corporate Financing, at (240) 386-4623.