qualified independent underwriter

qualified independent underwriter
USA
An underwriter that participates in an SEC- registered offering where there is a conflict of interest under NASD Rules (for example, when an underwriter participating in a securities offering owns 10% or more of the issuer's common equity). To qualify, an underwriter must be a FINRA member that "is actively engaged in the investment banking or securities business…for at least five years immediately preceding the filing of the registration statement" (additional requirements are set out under NASD Rule 2720). A qualified independent underwriter must recommend the price or yield of the securities being offered and must also conduct due diligence and assume the legal responsibilities and liabilities of an underwriter under the Securities Act.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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