The Securities and Exchange Commission just published its approval of amended Rule 2290, concerning fairness opinions, in a recent Federal Register (October 17, 2007).  Originally proposed by NASD (since reincorporated as FINRA, the Financial Industry Regulatory Authority), the new Rule 2290 addresses disclosures and procedures related the issuance of “independent” fairness opinions.  

“The Commission believes that [the amended rule] clarifies the obligations of FINRA member firms…and believes that approving [the amended rule] will provide greater clarity and simplify compliance, thus furthering the public interest and the investor protection goals of the Exchange Act,” the Federal Register reads.  “[T]he Commission finds that it is in the public interest to approve the proposed rule change as soon as possible to expedite its implementation… on an accelerated basis.”  The proposal is open to public comment, by electronic or paper delivery, as outlined in the announcement.  But time is short: “All submissions should refer to File Number SR–NASD–2005–080 and should be submitted on or before November 8, 2007.”