FINRA Proposes Revised Rumor Rule

On June 1, 2009, FINRA 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 November 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.  In a guest article, Hardy Callott, a Partner at Bingham McCutchen LLP, discusses the proposed revised rumor rule.

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