FINRA stated that marketing materials should reflect the fact that many private placements are either illiquid or speculative in nature, and should "balance claims of these investments' benefits by disclosing these risks."
SIFMA and the Security Traders Association raised concerns about legislative proposals on capital formation and corporate governance currently under consideration by the U.S. Senate Committee on Banking, Housing and Urban Affairs.
FINRA released a copy of the revised Private Placement Filer Form, including amended questions relating to information about participating members, issuers, and offerings. FINRA will begin using the updated form on May 22, 2017.
FINRA provided guidance on its filing requirements and review procedures for firms that are participating in offerings under the recently amended Regulation A (popularly known as "Regulation A+"), which allows for lightly regulated offerings of up to $50 million in securities during a 12-month...