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Finra rules Form: What You Should Know

Chapter 1, Article IX, Section V, and Section VI(b), must be filed electronically (“electronically”), in accordance with the provisions  hereof. (1) Filing of Form U17 (e-Governmental Organization)  (f) Electronic Filing of Forms Required to be Filed by Article IV, Sections 1, 7, and 8, and Article V,  Chapter 1, Article IX, Section V, and Section VI(b) (1) Application To be eligible to receive electronic filing access, any person may  seek, in an authorized manner, to receive electronic filing access to any part of the information  required to be filed by Article IV, Section 1, 7, or 8, and Article V, Chapter 1,  Article IX, Section V, or Section VI(b) by completing, signing, and returning an appropriate Application  To Enfranchise Electronically, Form 21B, which must be returned to FINRA no more than 90 days prior to the  next filing date. (2) Electronic Filing Requirement for the Uniform Forms Unofficial Application —  FINRA Forms, including U1, must be electronic filed (and filed electronically) as follows; (a) Form U1 (e-Governmental Organization) must be electronically filed (and  filed electronically) no later than the date a Form U9 is filed. (b) The information that may be contained in the  e-Governmental Organization (EU) Form, including, but not limited to, the information that is required to  be included in Form U1 and Form U9, shall be filed, in accordance with Rule 1013(b). (c) [Added by FINRA Rule 1013-12(e)] (d) An EU, to the extent required, shall contain the information provided by  the Applicant in his signed EU as required by Rule 1014, but otherwise shall not contain information  that is mandatory for an EU filing, such as that  FURTHER INFORMATION ON ELECTRONIC Filing REQUIREMENTS CAN BE FOUND ATFINRA.ORG/PROGRAM/U18E FINRA.ORG/RULE-1013 FINRA.ORG/RULE-1014  FINRA.ORG/RULE-1015 FINRA.

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FAQ - Finra rules

Will a Broker-Dealer be allowed (by FINRA and SEC rule) to make recommendations on Title III crowdfunding deals?
The answers here are contradictory. Let’s discuss the differences between the crowdfunding intermediaries under Regulation CF, and then we can address the question, which concerns only broker-dealers, not crowdfunding portals.There are two types of crowdfunding intermediaries: (1) “broker-dealers,” and (2) “funding portals.” Although both must register with the SEC and FINRA, different sets of regulations apply to each. Accordingly, the services and the limitations imposed by each type are different.A funding portal may advise an issuer (i.e., a company seeking funding) about the mechanics of an offering and assist in preparing documentation; it’s given some leeway in curating the crowdfunders by highlighting particular offerings if based on objective criteria consistently applied; but it otherwise acts as a passive vehicle. For example, a funding portal CANNOT:offer investment advice or recommendations;solicit purchasers to buy or sell securities;compensate employees, agents, or other persons for transaction-based solicitations (i.e., no commissions other than on the platform, with certain exceptions as contained in Rule 205); or,hold, manage, possess or otherwise handle the money or securities transactions (only a Title III escrow company can do this)A registered broker-dealer, on the other hand, is in the business of effecting transactions in securities. As such, it has much broader leeway than a funding portal. Unlike a funding portal, a broker-dealer:CAN offer investment advice and recommendations;CAN solicit purchasers to buy or sell securities;CAN be compensated for all aspects of a securities transaction, including solicitation and negotiation, structuring, advising, and executing the transaction, etc. (but they may not share their commissions with unlicensed persons); or,CAN hold, manage, possess and otherwise handle the money or securities transactions (a broker dealer may act as escrow agent, but only if that broker-dealer customarily handles such business transactions. See my Quora answer Regarding Title III, what does the escrow company do, and how much should it cost?).But unlike funding portals, broker-dealers are subject to stricter FINRA rules when it comes to “know-your-customer” and “suitability” rules that require broker-dealers to have a reasonable basis of the suitability of the investment before recommending an offering to a customer. That means broker-dealers have a duty to use reasonable diligence concerning the essential facts of every customer and the suitability of the investment before making recommendations about it. Funding portals have a lighter duty, which provides that it cannot conduct an offering if it has reason to question the reliability of the issuer’s representations.Here, the Quora user asks:Will a [Registered] Broker-Dealer be allowed [...] to make recommendations on Title III crowdfunding deals?Yes, provided that the broker-dealer has followed all SEC and FINRA rules, including that the broker-dealer has a reasonable basis to believe that the recommendation is suitable for its customer.
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