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Legal Briefing
FINRA Guidance: member firms’ responsibilities in Regulation D offerings
Practice Area: Regulation and Compliance
Sector: Investment Management
Jurisdiction: USA
Published: 04 June 2010
Law Firm: Shearman & Sterling
Overview
In April 2010, the Financial Industry Regulatory Authority (the largest independent regulator for all securities firms doing business in the United States) published Regulatory Notice 10-22 providing guidance to member firms with respect to their obligations in conducting Regulation D offerings. In particular, FINRA asserts that a member firm has a duty to conduct a reasonable investigation of the issuer for any Regulation D offering recommended to customers.
The Notice may signal that FINRA will take a more aggressive enforcement stance with respect to member firms’ participation in Regulation D offerings, including PIPES.
To read Shearman & Sterling’s analysis of the Notice, click ‘View Briefing’.
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