client alerts
SEC Approves New Hot Issue Rule for Equity IPOs
November 10, 2003
By Investment Management Practice Group
The Securities and Exchange Commission has approved new NASD Conduct Rule 2790 to replace the NASD’s Free-Riding and Withholding Interpretation, commonly known as the “Hot Issue” Rule. The Rule reflects the NASD’s long-standing efforts to restructure, revise and simplify the Interpretation.