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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

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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