On June 22, 2005, NASD, formerly known as the National Association of Securities Dealers, filed with the SEC proposed Rule 2290 concerning the issuance of fairness opinions by member firms. The proposed rule was amended three times before being noticed by the SEC for comment on April 11, 2006. The SEC has extended its period for action on the proposed Rule until February 1, 2007, and it may either take action on the rule or grant a further extension on or before that date. The text of the rule can be found at NASD’s website at www.nasd.com.