May 3 Opt-In deadline Approaches for Investment Bankers

According to the SEC and FINRA, anyone who is Series 7 registered and performing the role of an investment banker, may opt in and register for Continue reading

According to the SEC and FINRA, anyone who is Series 7 registered and performing the role of an investment banker, may opt in and register for the new Series 79 Limited Representative Investment Banking category by May 3. To do so, individuals must have their firms file an amended U4 on their behalf. After May 3, anyone engaging in the activities of an investment banker, as defined below by the SEC and FINRA, will be required to pass the new Series 79 exam. For more information see amended NASD rules 1022 and 1032 as well as FINRA Regulatory Notice 09-41.

According to the SEC and FINRA, investment banking activities are defined as:
• “advising on or facilitating debt or equity securities offerings through a private placement or a public offering, including but not limited to origination, underwriting, marketing, structuring, syndication, and pricing of such securities and managing the allocation and stabilization activities of such offerings, or
• advising on or facilitating mergers and acquisitions, tender offers, financial restructurings, asset sales, divestitures or other corporate reorganizations or business combination transactions, including but not limited to rendering a fairness, solvency or similar opinion.”

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