"SEC Approves FINRA Rule 2290 - Disclosure and Procedural Requirements for Fairness Opinions"

On October 11, 2007, the SEC issued an order granting accelerated effectiveness to Financial Industry Regulatory Authority (“FINRA”) (f/k/a/ the NASD) Rule 2290, which sets forth certain disclosure and procedural requirements relating to the issuance of fairness opinions by FINRA members. Rule 2290, which will become effective 30 days after FINRA issues a notice announcing such approval, will require member firms to provide certain specified disclosures in fairness opinions and to adopt written procedures for the approval of fairness opinions, many of which are in accordance with current best practices.