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BROKER-DEALER REGULATION § 43:12.2 Review of the Arbitration Award ........................ 43-32 § 43:13 Conclusion ................................................................. 43-34 Chapter 44 Capital Markets and Corporate Finance Activities K. Susan Grafton § 44:1 Introduction.................................................................. 44-7 § 44:2 Types of Securities Offerings......................................... 44-7 § 44:3 Underwriting Terms and Arrangements ....................... 44-8 § 44:3.1 Introduction.......................................................... 44-8 § 44:3.2 FINRA Rule 5110 (Corporate Financing Rule)....... 44-9 [A] Overview............................................................... 44-9 [B] Determining Whether an Offering Is Subject to the Rule .......................................................... 44-10 [B][1] Offerings Not Subject to Rule 5110................. 44-10 [B][1][a] “Public Offerings”.......................................... 44-10 [B][1][b] “Exempt Offerings” ....................................... 44-11 [B][2] Offerings Not Subject to Rule 5110’s Filing Requirements......................................... 44-12 [C] Determining Whether Underwriting Compensation Is Fair and Reasonable................ 44-13 [C][1] Overview.......................................................... 44-13 [C][2] Identifying “Items of Value” ............................ 44-13 [C][2][a] Cash and Non-Cash Items of Value.............. 44-13 [C][2][b] Items Not Deemed to Be “Items of Value”..... 44-15 [C][2][c] Safe Harbors for Certain Acquisitions of Securities................................................... 44-15 [C][3] Is the Compensation Unfair and Unreasonable? ................................................. 44-16 [C][4] Non-Cash Compensation................................ 44-18 [C][5] Per Se Unfair and Unreasonable Underwriting Compensation ........................... 44-18 [C][6] Disclosure of Underwriting Compensation ..... 44-19 [D] Filing Requirement ............................................. 44-19 [D][1] Overview and Procedural Requirements .......... 44-19 [D][2] [D][3] Documents That Must Be Filed with FINRA ..................................................... 44-21 Other Information That Must Be Provided to FINRA ......................................................... 44-21 [D][4] FINRA Review and Comments ....................... 44-22 [D][5] Notice Requirements ....................................... 44-23 [E] Lock-up Restriction............................................. 44-23 cxlvi
§ 44:4 FINRA Rule 5121 (Public Offerings of Securities with Conflicts of Interest)........................................... 44-25 § 44:4.1 Overview ............................................................. 44-25 § 44:4.2 Conflicts of Interest Subject to Rule 5121.......... 44-25 § 44:4.3 Compliance Requirements of Rule 5121 ............ 44-27 [A] QIU Requirement ............................................... 44-27 [B] Compliance with the Requirements of Rule 5110............................................................ 44-28 [C] Disclosure Requirements .................................... 44-28 [D] Discretionary Account Requirement................... 44-28 [E] Additional Requirements for Offerings of a Member’s Own Securities................................... 44-29 § 44:4.4 Exemptions from Rule 5121 ............................... 44-29 [A] No Managing Underwriter Has a Conflict of [B] Table of Contents Interest................................................................ 44-29 Securities that Have a Bona Fide Public Market ..................................................... 44-30 [C] Securities that Are Rated “Investment Grade”..... 44-30 § 44:5 Broker-Dealer Regulatory Requirements in Connection with Private Placements of Securities ..... 44-30 § 44:5.1 Overview ............................................................. 44-30 [A] Introduction........................................................ 44-30 [B] Regulation D....................................................... 44-31 [B][1] Regulation D Exemptions................................ 44-31 [B][2] Reasonable Investigation ................................. 44-33 § 44:5.2 FINRA Rule 5122 (Private Placements of Securities Issued by Members)............................ 44-34 [A] Overview............................................................. 44-34 [B] Scope of Rule 5122 ............................................. 44-34 [C] Requirements of Rule 5122 ................................ 44-35 [C][1] Overview.......................................................... 44-35 [C][2] Disclosure Requirement................................... 44-35 [C][3] Filing with FINRA ........................................... 44-36 [C][4] Use of Offering Proceeds.................................. 44-36 [D] Exemptions ......................................................... 44-37 § 44:5.3 FINRA Rule 5123 (Private Placements of Securities)............................................................ 44-38 [A] Overview............................................................. 44-38 [B] General Requirement: Notice Filing ................... 44-39 [C] Exempted Offerings............................................. 44-39 § 44:6 FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) ................ 44-40 § 44:6.1 Overview ............................................................. 44-40 (Broker-Dealer Reg., Rel. #3, 5/13) cxlvii
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Table of Contents VOLUME 1 About th
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[A] Generally .....................
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Table of Contents Chapter 3 Brokers
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Table of Contents Chapter 5 Broker-
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Table of Contents § 5A:6.2 Exempti
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Table of Contents [E] Damages .....
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Table of Contents § 6:7.5 Qualific
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§ 8:3.5 Training..................
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§ 10:5 Harmonizing the Broker-Deal
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Table of Contents § 12:2.7 Use of
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§ 13:2 Establishment and Maintenan
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§ 13:4.2 Firm-Initiated Transfers
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[B][2] Disclosures Applicable to Mu
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Table of Contents [C][2] Financial
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§ 15:2.3 MSRB Rules ..............
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[D][3] SEC v. Materia: Misappropria
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§ 17:4 SRO Research Rules.........
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§ 17:6 Global Research Analyst Set
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§ 18:5.2 Definition of Exchange ..
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§ 18:7.2 Exchange Act Rule 15c3-5
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[D] Price Improvement .............
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Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
Page 57 and 58: Table of Contents Chapter 31A SEC a
Page 59 and 60: PART X: Compliance, Examinations, a
Page 61 and 62: Table of Contents § 33:3.8 Where R
Page 63 and 64: [B] Administrative Proceedings.....
Page 65 and 66: § 36:2.2 To What Extent Should the
Page 67 and 68: Table of Contents § 37:4.1 Broker-
Page 69 and 70: Table of Contents § 37B:2.3 Arbitr
Page 71 and 72: § 37C:3.2 Institutional Investment
Page 73 and 74: Table of Contents § 37D:3 Treasury
Page 75 and 76: Table of Contents § 38:6.4 Educati
Page 77 and 78: § 39:5.6 Rule G-34 CUSIP Numbers a
Page 79 and 80: § 40:2.2 Municipal Entity and Obli
Page 81 and 82: Table of Contents [E] Communication
Page 83 and 84: § 42:4.3 Exclusive Benefit Rule...
Page 85 and 86: Table of Contents [C] Underwriting
Page 87 and 88: Table of Contents [D] Implications
Page 89 and 90: § 42C:3.2 Consequences of Breachin
Page 91 and 92: Table of Contents § 42D:3.3 Applic
Page 93 and 94: § 42E:6 Considerations in Connecti
Page 95: PART XVI: Special Topics Table of C
Page 99 and 100: § 44:9.3 Procedures Required by Ru
Page 101 and 102: [B][3] Stabilizing When the Princip
Page 103 and 104: Chapter 46 U.S. Securities Activiti
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