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ARTICLE · 05 FEBRUARY 2020

Refresher: Regulation M

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Due to these ongoing ETN creations, the distribution is continuous, as is the restricted period.

United StatesCorporate/Commercial Law
Bradley Berman
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Gonzalo Go
Gonzalo Go
Anna T. Pinedo
Anna T. Pinedo
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Regulation M was adopted in 1996 to prevent manipulation of the price of an offered security by offering participants during an offering. Regulation M prohibits underwriters, broker-dealers, issuers (including selling security holders) and other persons participating in a "distribution" from directly or indirectly bidding for or purchasing the offered security (or inducing another person to do so) during the applicable "restricted period."

Regulation M is organized into six rules:

  • Rule 100, definitions;
  • Rule 101, covering the activities of underwriters, broker-dealers and others participating in a distribution;
  • Rule 102, governing activities by issuers and selling security holders during a distribution;

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