Regulation M (Trading in Connection with Offering)

Overview

This page provides material material on the SEC's Regulation M, which limits trading that may have a manipulative effect during the course of a securities offering, as well as certain related obligations. Although most of this material is focused on distribution participants, investors are generally prohibited from selling short in anticipation of an offering and then covering out of the offering. Accordingly, the requirements on this page also overlap to some extent with requirements as to the short selling of securities.

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SEA Regulation M

FINRA Rules

  • FINRA Rule 5141 (Sale of Securities in a Fixed Price Offering)
  • FINRA Rule 5190 (Notification Requirements for Offering Participants)
  • FINRA Rule 6130 (Transactions Related to Initial Public Offerings)
  • FINRA Rule 6435 (Withdrawal of Quotations in an OTC Equity Security in Compliance with SEC Regulation M)