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All Articles by Robert Rapp

Robert Rapp

About Robert Rapp

Partner at Calfee, Halter & Griswold LLP, lecturer and author of Blue Sky Regulation.

Revisiting Private Trading Platforms for Restricted Securities and Paths to Liquidity

Following the March 2013 announced joint venture between NASDAQ and SharesPost Inc. to launch Nasdaq Private Market, a new secondary market trading platform to buy and sell private company securities, we chronicled the emergence of platforms aimed at providing access to liquidity for holders of restricted securities.

Blue Sky Regulation: A Primer for Accredited Investors

Accredited investors are most commonly introduced to securities regulation today through participation in offerings made under Rule 506 of Regulation D under the federal Securities Act of 1933.

A new private trading platform for restricted securities: Liquidity for accredited investors at what price?

On March 6, 2013, NASDAQ OMX Group, Inc. announced a joint venture with SharesPost, Inc. to launch a new secondary market trading platform for the purchase and sale of private company securities. The new marketplace, to be called The Nasdaq Private Market (NPM,) will be a private market for resales of restricted securities, with the main objective of providing increased liquidity for early investors, founders, and employees of private companies by enabling the efficient buying and selling of private company shares. Subject to regulatory approval, NPM is slated to become operational later in 2013. The new private trading platform presents an opportunity for accredited investors who have held restricted securities of a private company for at least one year to exit their investments.