Series 22: 6.1.5. Participation In Roll-ups

 6.1.5.  Participation in Roll-ups

Recall that a roll-up transaction involves the combination or reorganization of one or more limited partnerships in which limited partners must accept different terms and conditions for their security interests. FINRA members and associated persons are prohibited from participating in the solicitation of votes or bids from limited partners in connection with a limited partnership roll-up transaction except under very strict circumstances.

Members and associated persons may not participate in a limited partnership roll-up transaction unless the proposed transaction is fair and reasonable. Fair or reasonable means that dissenting limited partners must have the right to:

• receive compensation for their limited partnership units based on an