The SEC approved amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to conform to the requirements of the Jumpstart Our Business Startups Act (JOBS Act) and make certain additional changes to quiet period restrictions consistent with the policies underlying the JOBS Act. Most of the changes to NASD Rule 2711 and Incorporated NYSE Rule 472 are effective retroactively to April 5, 2012; changes to those rules regarding quiet periods after secondary offerings and after the expiration, termination or waiver of a lock-up agreement became effective upon approval by the Securities and Exchange Commission (SEC) on October 11, 2012.Cutting through the alphabet soup, the amendment essentially allows research analysts to attend meetings with the management of an issuer that meets the definition of an emerging growth company (EGC), even if investment bankers also attend the meetings.
If you'd like to read more detail on these rules changes, the full text of the amended rules is available at www.finra.org/notices/12-49. Alternatively, FINRA has released a PDF summarizing the specific rules affected.
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