After several extensions, the NASD has finally filed an amendment to its fairness opinion proposal. This Amendment is No. 4 because several of the others were merely extensions of the comment period.
Although things can always change, my guess is that this Amendment will go “final as proposed” since the SEC Staff has already weighed in after seeing the comments. As noted in this firm memo, the NASD has pared back parts of the proposal in light of comments (both from the SEC Staff and the industry). We will continue to post analysis in our “Fairness Opinions” Practice Area.