SR-FINRA-2011-057
Proposed Rule Change to Adopt New FINRA Rule 5123 (Private Placements of Securities)
Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to adopt new FINRA Rule 5123 (Private Placements of Securities). Proposed FINRA Rule 5123 would require that members and associated persons that offer or sell applicable private placements, or participate in the preparation of private placement memoranda (“PPM”), term sheets or other disclosure documents in connection with such private placements, provide relevant disclosures to each investor prior to sale describing the anticipated use of offering proceeds, and the amount and type of offering expenses and offering compensation.
| Text of Proposed Rule Change | (PDF 147 KB) |
| Federal Register Notice | (PDF 164 KB) |
| Extension No. 1 | (PDF 26 KB) |
| Response to Comments | (PDF 1,183 KB) |
| Amendment No. 1 to Proposed Rule Change | (PDF 86 KB) |
| Order Instituting Proceedings to Determine Whether to Disapprove | (PDF 167 KB) |
| Rebuttal Comment Letter | (PDF 279 KB) |
| Amendment No. 2 to Proposed Rule Change | (PDF 52 KB) |
| Amendment No. 3 to Proposed Rule Change | (PDF 44 KB) |
| Extension No. 2 | (PDF 26 KB) |
| Extension No. 3 | (PDF 26 KB) |
| Response to Additional Comments | (PDF 139 KB) |
| Approval Order | (PDF 216 KB) |