The amendments modernize, restructure, and streamline Rule 5110.

On March 20, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) published Regulatory Notice 20-10 (RN 20-10), which provides additional guidance and timing for the implementation of sweeping amendments (Amendments) to FINRA’s Corporate Financing Rule (Rule 5110). The Securities and Exchange Commission (SEC) formally approved the Amendments on December 23, 2019, following multiple rounds of public comments and additional proposals, and after ongoing industry discussions and a retrospective rule review that FINRA launched more than six years ago, with the goal of modernizing and simplifying the rule to improve efficiency and better reflect current market practices.