FINRA warned investors to exercise caution when investing in small capitalization initial public offerings due to an increase in pump-and-dump schemes.
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Republican members of the U.S. Senate Banking Committee released a discussion draft of proposed legislation "to help accelerate economic growth and spur new business formation."
An investment adviser, its principal and a trader settled SEC charges "for causing the executing brokers of a hedge fund to violate [short sale] order-marking and locate requirements, and . . . causing the hedge fund to act as a dealer without registering with the Commission. . . ."
FINRA adopted a rule change to "modernize, simplify and clarify" the filing process of underwriting terms and arrangements for members that participate in public offerings.
FINRA modified a proposal that would amend rules (i) restricting the purchase and sale of initial equity public offerings and (ii) on new issue allocations and distributions.