FINRA Proposes Modifying Private Placement Filer Form

FINRA proposed modifying certain questions in the Private Placement Filer Form that firms are required to file pursuant to FINRA Rules 5122 ("Private Placements of Securities Issued by Members") and 5123 ("Private Placements of Securities"). According to FINRA, the purpose of the proposed revisions is to (i) eliminate questions on the form that have not proved to be as useful as anticipated, (ii) better clarify the intent of certain questions, and (iii) provide additional questions that FINRA anticipates will facilitate the assessment of issues and risks associated with private placements.

The proposal was filed for immediate effectiveness, and the anticipated implementation date will be May 22, 2017.