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.