Comment on FINRA Regulatory Notice 26-02: Rule Revisions to Help Member Firms Protect Senior Investors From Financial Exploitation and All Investors From Fraud
This one is personal. Justine Tobin’s own 91-year-old mother was financially exploited. When Tobin, a licensed industry professional, raised repeated warnings to the broker, she was ignored because she didn’t hold power-of-attorney. Her brother depleted the accounts before his death in May 2025. She’s now advocating for a rule requiring brokers to document, escalate, and act when licensed professionals raise exploitation concerns, regardless of formal legal standing.
Accredited Investors: Who Qualifies & Why It Matters
In my previous musings about private placement fundraising and promoting your private capital offering to a broader audience, we explained the requirement of accepting only accredited investors if you choose the Rule 506(c) option for your fundraising. One reason 506 (c) offerings are limited to accredited investors is to ensure that all participating investors are […]
Outsourcing Your Securities Compliance to a Broker-Dealer: Navigating the Reg D Securities Offering Gauntlet
The Managing Broker-Dealer’s primary role for a Reg D offering is to ensure compliance with regulatory standards and manage the distribution and sale of securities and related money flows. The MBD’s duties span from regulatory oversight and investor suitability checks to marketing support, capital raising and exceptional record-keeping. By providing these services and safeguards, the […]
Hello from Charlotte:
Supporting Registered Representatives Nationwide
Hello from ACG Deal Crawl in Charlotte! We’re writing from the heart of Charlotte, North Carolina, where the city’s skyline glows with the energy of dealmakers, bankers, principals and investors attending this year’s ACG Deal Crawl. The two-day conference has once again gathered middle-market professionals from across the country to connect, collaborate, and explore what’s […]
How to Value a Company: A TOBIN Perspective
Introduction: The Art and Discipline of Valuation Valuing a company is both a technical exercise and a profound act of discernment. I like to say that the practice is both an art and a science. Â It requires analytical skills, market fluency, and a disciplined understanding of what drives worth in a dynamic environment. At TOBIN, […]
Comment on SEC Release No. 34-103226, Proposed Rule Changed to Amend FINRA Rule 3220 Influencing Employees of Others
The $100 gift limit for broker-dealers hasn’t changed since 1992. TOBIN supported raising it but pushed for $500 rather than the proposal on the table, and she didn’t buy FINRA’s promise to revisit it periodically. Her argument: 33 years proves they won’t.
Jury Duty, Little Sleep, and Work Left Behind
I just finished two weeks of jury duty. I began writing as the trial started last week, after nearly three full days of jury selection. This criminal trial involved a serious vehicle collision in the state of North Carolina. As required by law, I am only sending this newsletter and discussing the circumstances after the […]
Comments on Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report
The SEC bundled two major system changes together and called it modernization. TOBIN documented what that actually looked like for a small firm: a six-week enrollment struggle, silent file-naming failures, rejected PDFs, and a $5,000 to $10,000 annual cost increase on top of existing audit burdens. She called for proportionality protections for firms under $250,000 net capital and argued the changes as written accelerate consolidation and squeeze out independent firms.
506(b) vs. 506(c): Which One Fits Your Fundraise?
Choosing the right Rule 506 option under Regulation D of the Securities Act when raising private capital is often not simple. Rules 506(b) and Rule 506(c), the two most popular Reg D exemptions, have key differences. Your best choice depends on factors such as your targeted investor type, your desired marketing approach, and your determined […]
A Resource for Advisors:
Elevating Conversations About Selling a Business
Helping Clients Explore Business Sales with Foresight and Confidence This month, I had the opportunity to present to a major commercial bank on a topic that has been central to my practice for decades: how to prepare clients mentally, emotionally, and operationally for exploring the sale of their business. While M&A expertise may not be […]