On May 9, 2023, FINRA issued Regulatory Notice 23-08 (the "Notice"), which provides supplemental and updated guidance for members conducting private placements pursuant to Sections 3 or 4 of the Securities Act of 1933, as amended.
The Notice does not change any existing laws, regulations or interpretations of existing requirements. Rather, the Notice was provided as a primer on members’ obligations in light of the changes in the legal and regulatory framework since FINRA published Regulatory Notice 10-22 in 2010.
The Notice provides guidance on the distinctions between the requirements when recommending a private placement pursuant to Regulation Best Interest ("Reg. […]
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