Remember when we wondered if NASD’s Rule 2290 on Fairness Opinions had fallen into a bureaucratic black hole? (See BVWire™ # 54-4.) At the ASA gathering in Los Angeles last week, Muller confirmed that after receiving comments on the proposed Rule in April 2006, the SEC extended the time period for taking any action. The wait may soon be over, as something should happen in connection with Rule 2290 this July. “It could be comments, revisions, finalization—or another extension,” she said. “Stay tuned.”
In the meantime, the comments received were less than overwhelming. The Wall Street banking community argued for the status quo, while the Council on Institutional Investors was the only “investor” to respond, supporting the proposed NASD Rule and any increased disclosures the SEC might propose (see next item). For a recap of all comments from the DealLawyers blog, click here.
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