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ARTICLE · 17 MARCH 2021

FINRA Updates Form For Private Placement Filings

Morrison Foerster
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In its March 2021 Regulatory Notice 21-10, FINRA announced that it has updated the form that FINRA members use to file offering documents and related information regarding their participation in...

United StatesFinance and Banking
Lloyd Harmetz
Lloyd Harmetz
Heath D. Linsky
Heath D. Linsky
Hillel Cohn
Hillel Cohn
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In its March 2021 Regulatory Notice 21-10, FINRA announced that it has updated the form that FINRA members use to file offering documents and related information regarding their participation in private placements. See FINRA Rule 51221 and Rule 5123.2 The new form will be accessible in the FINRA Gateway as of May 22, 2021.

The updated form will be used in connection with new filings and amendments to prior filings. The new form includes new and updated questions that are designed to facilitate FINRA's review of the filing. FINRA indicated that the updates are designed to enhance its oversight of certain areas of risk in private placements. In this alert, we summarize the key updates to the form.

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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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