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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.

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