Proposed Rule Addressing the Circulation of Rumors

SIFMA provides comments to Financial Industry Regulatory Authority (FINRA) on proposed rule addressing the circulation of rumors, FINRA Regulatory Notice 08-68.  SIFMA believes the proposal would have the effect of chilling the circulation of legitimate market information and impeding the ability of members to respond to false rumors.  SIFMA strongly recommends FINRA revise the proposal to more appropriately tailor its scope and to accurately reflect the market realities, including recognizing the need for market participants to discuss rumors in a responsible fashion.