Insights
Client Alert
New FINRA Rule 5123Notice Filing Obligations for Private Placements
July 03, 2012
BY THE SECURITIES & CAPITAL MARKETS PRACTICE GROUP
On June 7, 2012, the SEC approved on an accelerated basis proposed FINRA Rule 5123. Rule 5123 will require FINRA member firms that participate in certain private placements of securities to make notice filings (which must include a copy of the offering document used in the private placement, if any) with FINRA, subject to certain exceptions, the effect of which is to require compliance for mainly retail investor marketed offerings.