New Issues, Syndicates, and Private Placements
Free FINRA Series 7 (General Securities Representative) lesson in Seeking Business for the Broker-Dealer. 22 min read, ~3,261 words.
Three periods for new issues: pre-filing (no offers), cooling-off (red herring only, no sales), post-effective (final prospectus, sales begin). Firm commitment = underwriter buys all shares and bears risk; best efforts = underwriter sells what it can, issuer bears risk. Spread = manager's fee + underwriting fee + selling concession...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- A2
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