The Private Placement Notice Filing Requirement
Chapters in this video
- 0:00 The crew: selling member, issuer, and investor
- 0:24 The notice filing duty and two compliance paths
- 1:10 The zero-documents exam trap
- 2:50 The 15 calendar day deadline from date of first sale
- 4:19 FINRA confidential vault and why secrecy is not optional
- 5:28 Ultimate responsibility rests with the selling member
- 6:07 Rapid-fire exam recap
What this video covers
- When a member must file or notify FINRA about a private placement, and which 14 exempt categories remove this duty
- The two paths for compliance: submitting the private placement memorandum (PPM), term sheet, and retail communications, or affirmatively notifying FINRA that no documents exist
- Why doing nothing is not compliance when zero offering documents were used, and how exam writers bait you with this exact scenario
- How the 15 calendar day deadline works, including that weekends and holidays count and the clock never pauses
- Whether the filing deadline starts from PPM draft date, offering launch, or date of first sale, and why only one of these is correct
- What confidential treatment means for filings, and why confidentiality does not make the filing optional
- Which party, the selling member or the issuer, bears ultimate responsibility for timely filing even when another member files on their behalf
Read the full lesson, free
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