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The Wall Street Journal recently reported that the NASD, the main self-regulatory body for brokerage firms, has begun an inquiry into possible conflicts of interest by investment bankers who provide both M&A advisory services and fairness opinions for the same transactions.

This is the first in a six-part series of updates on the "state-of-the-market" and some guidelines relating to the use of this important tool for fiduciaries.
 
The current focus on directors and other fiduciaries exercising their fiduciary responsibilities have put emphasis on independence in the determination of “fairness,” and the responsibility to look beyond the mere opinion to the underlying analysis in the determination of “fairness.” Many Wall Street firms are requesting second opinions when faced with possible conflicts-of-interest by investment bankers who provide both M&A advisory services and fairness opinions for the same transactions.

This is the second in a six-part series of updates on the “state-of-the-market” and some guidelines relating to the use of this important tool for fiduciaries.