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FINRA Amends its New Issue Rules

Investment Funds & Advisers Insights

Below are some of the thoughts and insights from members of the Shartsis Friese LLP Investment Funds & Advisers Group on current issues facing private fund managers, investment advisers and private investment funds. This page also serves as a convenient location to access the Investment Funds & Advisers Group’s historical client letters and new posts. Content on this page will touch on all aspects of our clients’ businesses in the investment fund and adviser industry. Any questions and comments you may have should be directed to one of the attorneys in the Investment Funds & Advisers Group: Jahan Raissi, Neil Koren, Jim Frolik, Christina Hamilton, David Suozzi, Anthony Caldwell, Joan Grant, Kat Miller, Emma L.G. Wolfe, or Rachel Sackett.

FINRA Amends its New Issue Rules

FINRA has updated its Rules 5130 and 5131, which govern allocations of “new issues,” effective January 1, 2020. Broadly speaking, FINRA has added new categories and broadened the categories of investors that are exempt from the rules’ restrictions (for example, certain sovereign entities and retirement plans), narrowed the types of securities offerings that are subject to the rules and narrowed the restricted person definition.

These changes permit additional kinds of investors to participate in new issues directly or through private investment funds. Managers of private funds should update their subscription documents, and may want to re-check with investors that might now be eligible to participate in new issues. The amendments can be found at: https://www.finra.org/rules-guidance/rule-filings/sr-finra-2019-022.

If you have any questions, please contact one of the attorneys in the Investment Funds & Advisers Group at Shartsis Friese LLP: John Broadhurst, Carolyn Reiser, Neil Koren, Jim Frolik, Christina Hamilton, David Suozzi, Anthony Caldwell, or Joan Grant.