FINRA proposed a rule for SEC approval that would require FINRA’s membership, involved in a private stock offering, to provide detailed information on the transaction to investors prior to the sale, as well as to file such information with FINRA 15 days before the first sale.

This proposed Rule 5123 would require that offering materials

The Division of Corporation Finance, recently, provided guidance on preparing legal and tax opinions for registered securities offerings.

Initially, Corp Fin stated when such opinions must be filed, and the content of those opinions.  The Staff referred to Staff Legal Bulletin No. 19 that discussed the opinion requirements, and its views regarding the required elements

FINRA, recently, announced that it was developing a cross market surveillance system that will allow it to detect and stop improper conduct.  This was reported by FINRA Chief Executive Officer, Richard Ketchum. 

This new system will expand FINRA’s surveillance and enforcement of the New York Stock Exchange, as well as its own order audit trail

The Dodd-Frank Act required that security based swap dealers or major security based swap participants to register with the SEC.  These swap based entities are required to register with the SEC while all others are under the jurisdiction of the CFTC. 

The SEC proposed rules requiring these entities to register electronically with the SEC on