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ARTICLE · 31 JULY 2019

FINRA Corporate Financing Rule Amendment

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Exhibit 4 shows the changes proposed in this Partial Amendment No. 1 in a blacklined version.

United StatesCorporate/Commercial Law
Anna T. Pinedo
Anna T. Pinedo
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Earlier this month, FINRA responded to comments submitted regarding proposed amendments to Rule 5110 (see: https://bit.ly/2MlXCU4) and filed an amended proposal with the Securities and Exchange Commission (see: https://bit.ly/31bECMr). Exhibit 4 shows the changes proposed in this Partial Amendment No. 1 in a blacklined version.

In Partial Amendment No. 1 FINRA is, among other things:

  • Modifying the requirement to file a description of any securities of the issuer acquired and beneficially owned by a participating member during the review period,
  • Excepting actively traded securities from the 180-day lock-up restriction,
  • Clarifying the investment grade debt exemption to exempt securities offered by a bank, corporate issuer, foreign government or foreign government agency that has outstanding unsecured non-convertible debt with a term of issue of at least four years or unsecured non-convertible preferred securities that are investment grade rated or are

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