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Executive Summary
On September 29, 1995, the Securities and Exchange Commission (SEC) approved amendments to the Corporate Financing Rule, Article III, Section 44 of the NASD Rules of Fair Practice relating to rights of first refusal. The amendment continues to permit the use of rights of first refusal, but
FINRA Provides Guidance on Amendments to FINRA Rules Relating to SEC Regulation M
Continuing Education Planning
To become registered, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. An individual must pass the exams prior to engaging in those areas of the business.
This is absolutely crazy.
Institutional investors and others have long had access to and the ability to invest in equities that were never available to the public, including pre-IPO, private placements, and other vehicles to either hedge their investments or generate returns they would otherwise not see.
Blanket limitations based on vague wording are not only wrong but another means of
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Table of Contents
Figure 2.1 Total Number of FINRA-Registered Firms, 2016−2020
Figure 2.2 Firm Distribution by Size, 2016−2020
Table 2.2 Firm Distribution by Size, 2016−2020
Figure 2.3 Securities Industry Registered Firms by Type of Registration, 2011−2020
Table 2.3 Securities Industry Registered Firms by Type of Registration, 2011−2020
Figure 2.4 Distribution of Branches by Firm
In response to request for comment: Current, licensing requirements for real estate capital transactions (e.g., private debt and equity placements, M&A, and Sales) are too numerous (e.g., SIE, S63, S22, S79, and S82), overlapping, time consuming, and do very little to protect investors (Accredited Investors and Institutions). This is further compounded by additional licensing requirements
FINRA poses several questions for firms to consider as they evaluate whether their supervisory systems are reasonably designed to address risks of their SPAC-related activities. These questions are based on FINRA’s observations to this point in our review. In addition, the Appendix notes additional guidance FINRA has provided regarding member firms’ relevant obligations.
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Table of Contents
Figure 2.1 Total Number of FINRA-Registered Firms, 2017−2021
Figure 2.2 Firm Distribution by Size, 2017−2021
Table 2.2 Firm Distribution by Size, 2017−2021
Figure 2.3 Securities Industry Registered Firms by Type of Registration, 2012−2021
Table 2.3 Securities Industry Registered Firms by Type of Registration, 2012−2021
Figure 2.4 Distribution of Branches by Firm
By Jason Foye, Chief of FINRA’s Crypto Hub
FINRA’s core mission is to protect investors and promote market integrity. This mission is at the heart of everything we do. An important example of this mission in action is our work to address the unique regulatory challenges presented by the activities of our member firms that relate to crypto assets—also known as digital assets—which are assets