On June 20, 2019, the Financial Industry Regulatory Authority, Inc. ("FINRA") proposed amendments to FINRA Rule 2210 (Communications with the Public) and FINRA Rule 2241 (Research Analysts and Research Reports) to further the rules adopted by the Securities and Exchange Commission ("SEC") last year as required by the Fair Access to Investment Research Act of 2017 (the "FAIR Act"). The FAIR Act required the SEC to adopt rules to extend safe harbor communication protections to covered investment funds. Consistent with the FAIR Act's mandate, FINRA's proposed amendments would (i) eliminate the "quiet period" restrictions on publishing a research report or making a public appearance concerning a covered investment fund and (ii) create a filing exclusion for covered investment fund research reports. Under the proposed FINRA exception, the quiet period requirements would not apply to a research report or a public appearance following any offering of the securities of a covered investment fund that is the subject of a covered investment fund research report. The adoption of the FINRA rule amendments as proposed would align with the SEC's adopted rules and reduce obstacles that currently prevent investors from accessing certain research reports on investment funds. A copy of the proposed FINRA rule amendments may be found here.
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Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
