On June 15, 2009 the Securities and Exchange Commission (the “SEC”) approved a proposal from The Financial Industry Regulatory Authority, Inc. (“FINRA”) to “modernize and simplify” Rule 2720, the FINRA rule that addresses public offerings of securities in which a member with a conflict of interest participates.1 FINRA originally proposed to amend Rule 2720 in 2007, and amended its proposal in May 2009. New Rule 2720, entitled simply “Public Offerings of Securities with Conflicts of Interest,” replaces existing Rule 2720 in its entirety. New Rule 2720 effects the following primary changes:2......

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