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BROKER-DEALER REGULATION § 44:6.2 Scope of Rule 5130 ............................................. 44-41 § 44:6.3 General Prohibitions........................................... 44-41 § 44:6.4 Restricted Persons ............................................... 44-42 § 44:6.5 Exemptions to Rule 5130 ................................... 44-43 [A] Exempt Persons and Accounts............................ 44-43 [B] Issuer-Directed Securities.................................... 44-44 [C] Anti-Dilution Provision ...................................... 44-46 [D] Stand-by Purchasers............................................ 44-46 § 44:6.6 Preconditions for Sale ......................................... 44-46 § 44:6.7 Record Retention and Notice Requirements ....... 44-47 § 44:7 New Issue Allocations and Distributions ................... 44-48 § 44:7.1 Introduction........................................................ 44-48 § 44:7.2 FINRA Rule 5131 (New Issue Allocations and Distributions)............................................... 44-49 [A] Quid Pro Quo Allocations................................... 44-49 [B] Spinning.............................................................. 44-49 [B][1] Prohibition....................................................... 44-49 [B][2] Annual Representation and Recordkeeping Requirement .................................................... 44-51 [C] Flipping............................................................... 44-52 [C][1] Prohibition....................................................... 44-52 [C][2] Recordkeeping Requirements ........................... 44-53 [D] New Issue Pricing and Trading Practices ............ 44-53 [D][1] Report of Indications of Interest and Final Allocations.............................................. 44-53 [D][2] Lock-Up Agreements ....................................... 44-53 [D][3] Required Contractual Provision in the AAU........................................................... 44-54 [D][4] Market Orders ................................................. 44-55 § 44:8 FINRA Rule 5141 (Sale of Securities in a Fixed Price Offering) ................................................ 44-56 § 44:8.1 Overview ............................................................. 44-56 § 44:8.2 Prohibition .......................................................... 44-57 § 44:8.3 Exclusions and Guidance.................................... 44-58 § 44:9 FINRA Rule 5150 (Fairness Opinions) ....................... 44-59 § 44:9.1 Overview ............................................................. 44-59 § 44:9.2 Disclosure Requirements of Rule 5150............... 44-60 [A] Acting As a Financial Advisor and Contingent Compensation ................................. 44-60 [B] Other Significant Payment or Compensation..... 44-61 [C] Material Relationships ........................................ 44-61 [D] Independent Verification of Information ............ 44-61 [E] Use of Fairness Committee ................................ 44-62 [F] Compensation to Insiders................................... 44-62 cxlviii
§ 44:9.3 Procedures Required by Rule 5150...................... 44-63 § 44:10 FINRA Rule 5160 (Disclosure of Price and Concessions in Selling Agreements) ........................... 44-63 § 44:10.1 Overview ............................................................. 44-63 § 44:10.2 Requirements ...................................................... 44-64 § 44:11 Anti-Manipulation Regulation of Distributions of Securities .................................................................... 44-64 § 44:11.1 Introduction to Regulation M............................. 44-64 § 44:11.2 Rule 101 (Activities by Distribution Participants and Their Affiliated Purchasers)...... 44-65 [A] General Prohibition ............................................ 44-65 [B] Is There a Distribution of Securities?................. 44-66 [B][1] Magnitude of the Offering and the Presence of Special Selling Efforts and Selling Methods ............................................... 44-67 [B][1][a] Magnitude of the Offering............................. 44-67 [B][1][b] Presence of Special Selling Efforts and Selling Methods ............................................ 44-68 [B][2] Offerings Subject to Rule 101 .......................... 44-68 [B][2][a] Shelf Offerings............................................... 44-68 [B][2][b] “At-the-Market” Offerings ............................. 44-69 [B][2][c] Mergers and Exchange Offers........................ 44-69 [C] Is the Person Subject to Rule 101? ..................... 44-69 [C][1] Distribution Participant................................... 44-69 [C][2] Affiliated Purchasers ........................................ 44-70 [D] Are the Distributed Securities “Covered Securities”? ......................................................... 44-72 [D][1] Subject Securities............................................. 44-72 [D][2] Reference Securities ......................................... 44-72 [D][2][a] Derivatives .................................................... 44-73 [D][2][b] Fixed-Income Securities ................................ 44-73 [D][2][c] Target Company Securities............................ 44-74 [D][3] Securities Excepted from Rule 101 .................. 44-74 [D][3][a] Actively-Traded Securities.............................. 44-74 [D][3][b] Investment Grade Non-Convertible and Asset-Backed Securities ................................. 44-75 [D][3][c] Exempted Securities ...................................... 44-76 [D][3][d] Face-Amount Certificate or Securities Issued by an Open-End Management Investment Company or Unit Investment Trust ............. 44-76 [E] Are the Activities Prohibited by Rule 101? ......... 44-76 [E][1] General Prohibition ......................................... 44-76 [E][2] Excepted Activities........................................... 44-77 [E][2][a] Table of Contents Research Complying with Securities Act Rule 138 or 139 ............................................ 44-77 (Broker-Dealer Reg., Rel. #3, 5/13) cxlix
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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
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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 and 96: PART XVI: Special Topics Table of C
Page 97: § 44:4 FINRA Rule 5121 (Public Off
Page 101 and 102: [B][3] Stabilizing When the Princip
Page 103 and 104: Chapter 46 U.S. Securities Activiti
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