FINRA Adopts Rule Concerning Private Securities Transactions (Fed. Reg.)

FINRA's adoption of former NASD Rule 3040 as FINRA Rule 3280 ("Private Securities Transactions of an Associated Person") in the consolidated FINRA Rulebook "without any substantive changes" was published in the Federal Register.

Like NASD Rule 3040, FINRA Rule 3280 states that, prior to participating in any private securities transaction, any person associated with a FINRA member must provide written notice to the member with which he or she is associated. FINRA Rule 3280 is effective immediately, but comments may be submitted until September 21, 2015.