Arnstein Miami Partner Argues New FINRA Rule

Arnstein Miami Partner Argues New FINRA Rule
August 28, 2015

Arnstein & Lehr partner Ronald Fieldstone was quoted in the Law360 article, “New FINRA Rule May Spark Pushback From EB-5 Agents Abroad.” The article focuses on the new Financial Industry Regulation Authority rule that requires U.S. broker-dealers to disclose fees paid to foreign agents and how it may generate pushback from EB-5 agents. However, Ronnie argues, “as for the disclosure requirements, the rule may not pose a huge roadblock yet, since most of the fundraising in China doesn’t go through broker-dealers. For instance, most regional centers aren’t performing their activities as FINRA broker-dealers. I don't know how significant [the rule] is from a practical point of view, only because most of the money being raised is not through FINRA-licensed broker-dealers.” To read the article, click here.