As we announced earlier today, the NASD New Issue Rule 2790 has changed and is now FINRA Rule 5130.  The text of the New Issue rule is below and can also be found on the FINRA website here.  With regard to hedge funds, this rule is most important with regard to who will be deemed a “restricted person” and thus generally ineligible to recieve a full allocation of any gains attributable to new issues (commonly known as initial public offerings or IPOs).  The full text of the rule follows.  Continue reading →