Joel Beck

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About The Beck Law Firm, LLC

  • Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practices focuses on three main areas: 1) broker-dealer and registered investment adviser regulation/compliance, regulatory investigations and enforcement actions, and arbitration cases, 2) business formations and small business legal needs, and 3) basic estate planning.

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  • The Beck Law Firm, LLC and Joel Beck, the author of this blog, provide this material for informational purposes only. While we believe the content to be accurate, we make no guarantee to that effect. Use of this blog does not create an attorney/client relationship and The Beck Law Firm, LLC does not represent you unless and until we have entered into a written representation agreement. The hiring of an attorney is an important decision and should not be based upon advertisements, including websites and blogs. Please contact us for additional information about our qualifications before making a decision.

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  • I welcome comments on most postings, and like to keep the discussion going. Comments are moderated and will not post until publisher review. Comments that don't relate to the topics and subject matter of the blog, and seek only to provide links for other websites, will not not be published. The Beck Law Firm, LLC and Joel Beck are not responsible for contents of the published comments, and do not necessarily share the same views as the commenter.

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October 16, 2012

FINRA Adopts Rule 5123 Relating to Private Placements

FINRA has adopted Rule 5123 concerning private placements, and has announced an effective date of December 3, 2012.

Under this new rule, each FINRA member broker-dealer that is selling in a private placement will file a copy of the PPM, term sheet or other offering document within 15 days of the date of the sale, or advse FINRA that no such materials were used. 

There are several exemptions under 5123(b), and business leaders and compliance folks should become familiar with the reporting requirements and the applicable exemptions.  Further, in advance of the effective date, firms need to consider whether their written supervisory procedures need to be amended to help achieve compliance with the rule.

FINRA's Regulatory Notice 12-40 announcing the SEC approval and effective date of the rule can be found here.

Posted at 01:35 PM in Broker-Dealer/RIA Compliance Matters, Broker-Dealer/RIA Self-Regulation |