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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

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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