FINRA Amends Rules Relating to Research Analysts and Research Reports

more+
less-
Explore:  FINRA

The Financial Industry Regulatory Authority has issued Regulatory Notice 12-49 regarding the Securities and Exchange Commission’s approval of amendments to NASD Rule 2711 and incorporated NYSE Rule 472 relating to research analysts and research reports.

Pursuant to the Jumpstart Our Business Startups Act and SEC staff guidance, the rules have been amended to allow research analysts to attend meetings with management of an issuer that meets the definition of an emerging growth company (EGC), even if investment bankers also attend the meetings. However, during the meetings research analysts must not engage in otherwise prohibited conduct, such as efforts to solicit investment banking business. These changes are effective retroactively to April 5, 2012.

The rules also have been amended to eliminate certain quiet periods after an initial public offering of an EGC, effective retroactively to April 5, 2012. Similarly, certain quiet periods relating to secondary offerings or termination of lock-up agreements also have been eliminated, effective retroactively to October 11, 2012.

More information is available here.

 

Written by:

Published In:

DISCLAIMER: 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.

© Katten Muchin Rosenman LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×