FINRA announced on May 26th that its new system for Issuers, ADR depository banks, and other parties that provide notice of company-related actions (corporate actions) pursuant to SEA Rule 10b-17 and FINRA Rule 6490 was delayed indefinitely. The system had previously been scheduled to go live on June 5th. FINRA will be sending out a notice when they have a new live date for the system.
With this new system, FINRA will be replacing the current Electronic Issuer/ADR Company Related Action Notification forms with the Corporate Actions Management platform. This new platform will be accessible via the FINRA Gateway at https://gateway.finra.org. Existing users will be able to access this new platform using their current login information to submit notice of company-related actions.
The Corporate Actions Management Platform will allow external parties to:
- Submit and update company-related action submissions
- Make electronic payments via FINRA’s OPAY system for assessed notification fees
- View the status of submissions
- Communicate with FINRA via messaging within each submission
- Receive notifications when a new information request is initiated by FINRA
- Respond to requests for information
For more information, including FAQs, please visit https://www.finra.org/cam-platform
We are looking forward to the new corporate action system, as we view this as a significant improvement over the current corporate action process, where communication with FINRA is through a series of emails chained together. We have used the BaseCamp project management system for almost 20 years. Our initial review of the available information indicates that the new FINRA project management system appears to modeled very similar to BaseCamp. If that is the case, then this is a dramatic improvement for the process and issuing companies.
About Coral Capital Advisors
Coral Capital Advisors is an independent consulting and advisory firm focused on companies and participants in the lower and middle markets. We partner with our clients to provide cost effective solutions to real world issues and situations. Our experienced team brings a diverse set of skills that allows us to service a wide variety of needs. Our area of services and expertise focuses on bringing services and solutions to our clients that are normally only available to much larger firms. Coral Capital Advisors, LLC. provides services to Investment Banks, Private Equity Funds, investors, and both privately held and publicly traded companies, as well as various stakeholders in those organizations. This has included international public companies with operations on three (3) continents to smaller privately held domestic companies. Our experience in the areas of corporate advisory, due diligence reviews, and regulatory compliance allows for a cost effective and efficient solution to the issues at hand. Please feel free to contact our offices to see how we may be of assistance.