Important Announcement
We are pleased to share that as of August 1, 2025, Braeden Anderson, the founder of Anderson P.C., has joined Gesmer Updegrove LLP as a Partner. Work currently performed by Anderson P.C. will be transitioning to Gesmer. This website will remain active as a curated archive for legal insights.
Gesmer Updegrove LLP, founded in 1986, is a nationally recognized law firm with a premier reputation for representing high-growth companies, innovative technology pioneers, and venture-backed startups. Together, we are enhancing our ability to provide comprehensive, end-to-end legal support to entrepreneurs, founders, investors, and scaling businesses across every stage of the corporate lifecycle. From formation, fundraising, and IP strategy to tax planning, M&A, securities compliance, enforcement defense, and strategic exits, our combined strengths now span the full spectrum of business law.
Thank you for following and supporting us on this journey. To learn more or to connect with Braeden or a member of the Gesmer team, please visit: www.gesmer.com or e-mail him at braeden.anderson@gesmer.com
FINRA Strengthens Borrowing and Lending Rules: Key Amendments to Rule 3240 Effective April 2025
The Financial Industry Regulatory Authority (FINRA) has adopted significant amendments to Rule 3240, which governs borrowing and lending arrangements between registered persons and their customers. These updates, effective April 28, 2025, are designed to reinforce the general prohibition against such arrangements and introduce several key modifications, including stricter notice and approval requirements, a modernized definition of “immediate family,” and narrower exceptions for personal and business relationships.