FINRA Review of IPO Filings

Summary

This practice note discusses the role of the Financial Industry Regulatory Authority, Inc. (FINRA) in an initial public offering (IPO) of securities, including (1) documents required to be filed with FINRA during an IPO, (2) the most important rules FINRA staff apply when reviewing an offering, and (3) FINRA's offering review process. One of the key FINRA rules in an IPO is Rule 5110, which applies to underwriting terms and arrangements in public offerings. Effective September 16, 2020, FINRA amended Rule 5110, making significant changes to FINRA's processes and terminology relating to public offerings. This practice note reflects the changes made by the amended Rule 5110, which can be found here.