On September 5, 2012, the Financial Industry Regulatory Authority ("FINRA") issued a regulatory notice informing members that new FINRA Rule 5123—Private Placements of Securities, which was approved by the Securities and Exchange Commission ("SEC" or the "Commission") on June 7, 2012, will take effect on December 3, 2012, and will apply prospectively to private placements that begin selling efforts on or after that date. In light of the impending implementation date, this Client Alert reviews the requirements of the rule, which will impact both FINRA member firms and certain companies raising capital in private placements.
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