6130. Transactions Related to Initial Public Offerings
(a) No member or person associated with a member shall execute or cause to be executed, directly or indirectly, a transaction otherwise than on an exchange in a security subject to an initial public offering until such security has first opened for trading on the national securities exchange listing the security, as indicated by the dissemination of an opening transaction in the security by the listing exchange.
(b) A security is subject to an "initial public offering" for purposes of paragraph (a) of this Rule if:
(1) the offering of the security is registered under the Securities Act; and
(2) the issuer of the security, immediately prior to filing the registration statement with respect to such offering, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.
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Amended by SR-FINRA-2011-024 eff. June 17, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2006-087 eff. Aug. 1, 2006 Adopted by SR-NASD-2005-087 eff. Aug. 1, 2006. Selected Notice: 08-57. |
- Regulatory Notice 15-32September 08, 2015