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News August 28, 2006 Issue

No Hard 4 Close Rule

It’s official: The IM staff is no longer pursuing the much-maligned hard 4 rule, initially proposed in December 2003.

"The Division staff would not recommend the adoption of the hard 4 o’clock rule as proposed," Division of Investment Management director Buddy Donohue said in a statement issued to IM Insight last week. "The staff is considering alternatives."