FINRA's Revised Rumor Rule

Law360, New York (June 5, 2009, 12:00 AM EDT) -- On June 1, 2009, the Financial Industry Regulatory Authority issued Notice 09-29 seeking comment on proposed FINRA Rule 2030, which deals with the circulation of rumors.

The new proposed Rule 2030 replaces a widely criticized earlier proposal, issued as Notice 08-68 on Nov. 18, 2008. The proposed rule is based on both FINRA Rule 6140(e) and NYSE Rule 435(5) and, if approved, will replace these rules, as well as related interpretive guidance.[1]

Aside from minor wording changes, the body of the new proposed rule is essentially...
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