FINRA Updates Private Placement Filer Form

In an attempt to collect more information on private placement activity, the Financial Industry Regulatory Authority (“FINRA”) has updated the private placement filer form that member firms must use to file offering documents and information pursuant to FINRA Rules 5122 (Private Placements of Securities Issued by Members) and 5123 (Private Placements of Securities) (the “Filer Form”).  The updated Filer Form will be required to be utilized on the FINRA Firm Gateway beginning on May 22, 2017.

The Filer Form has three main components.  The “Participating Member Information” section seeks information about the firms that are selling the private placement, the “Issuer Information” section captures basic information about the issuer and the “Offering Information” section seeks information about the offering.

The updated Filer Form that FINRA is implementing adds, clarifies and eliminates questions or other information requested in each section.