Tag Archives: Investment Banking

NASAA Adopts Model M&A State Rule

The North American Securities Administrators Association (“NASAA”) formally adopted a Model State Rule which, if adopted by each state, will exempt M&A Brokers from having to register as securities brokers at the state level. The intent of NASAA’s model rule is to harmonize state securities rules and regulations with recent changes in federal securities regulation … Continue reading NASAA Adopts Model M&A State Rule

Investment Banking Qualifications Re-Clarified by FINRA

The Financial Industry Regulatory Authority (FINRA) recently issued a Frequently Asked Questions (FAQ) release on the qualifications necessary to engage in investment banking activities, and it is apparent that membership clearly failed to ask the right questions when FINRA proposed Rule 1032 (i) (Limited Representative – Investment Banking) (the “Rule”) and the Series 79 exam … Continue reading Investment Banking Qualifications Re-Clarified by FINRA

State Law Conflicts with FINRA Investment Banking Registration

Impact on FINRA Member Firms While new NASD Rule 1032(i) (the “Rule”) is currently recognized by FINRA, a number of states have not yet amended statutes and rules which incorporate the new Series 79 limited registration into their regulatory framework. As a result, the impact for FINRA member firms engaged in investment banking activities is that … Continue reading State Law Conflicts with FINRA Investment Banking Registration