---
title: "Compare a proposed price or volume reply with filings already in the file"
url: "https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/answer-an-asx-price-or-volume-query/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A4-X20260927-11-US"
practice_area: "Capital Markets & Securities — ECM/DCM and Disclosure"
tier: "red"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# Compare a proposed price or volume reply with filings already in the file

> Set the proposed reply beside the filings already in the file. List each factual sentence in the reply that those filings do not contain, and each nonpublic fact the reply would add.…

Canonical page: https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/answer-an-asx-price-or-volume-query/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md) |
| Human involvement | Red: Lawyer writes; AI may check, clarify or collect data |
| How AI is used | Set the proposed reply beside the filings already in the file. List each factual sentence in the reply that those filings do not contain, and each nonpublic fact the reply would add. Do not write the reply, and do not treat trading volume as a reason to speak. |
| What the lawyer must review | You write any reply that will be sent. Rule 10b-5 (17 CFR § 240.10b-5) prohibits, in connection with the purchase or sale of a security, an untrue statement of a material fact, or an omission of a material fact necessary to make the statements made not misleading. Regulation FD (17 CFR § 243.100(a)) requires an issuer that discloses material nonpublic information to a person described in paragraph (b)(1) to make public disclosure of that information as provided in § 243.101(e), simultaneously if the disclosure is intentional and promptly if it is not. Section 243.101(e) was not opened. Do not describe the method, and do not state a Form 8-K day count. Paragraph (b)(1) covers a broker or dealer, an investment adviser or an institutional investment manager that filed Form 13F for the most recent quarter, an investment company or a person who would be one but for section 3(c)(1) or 3(c)(7) of the Investment Company Act, and a holder of the issuer's securities where it is reasonably foreseeable that the person will trade on the information. Paragraph (b)(2)(i) and (ii) take out a person who owes a duty of trust or confidence to the issuer, and a person who expressly agrees to keep the information confidential. The offering proviso in paragraph (b)(2)(iii) depends on Rules 415, 135, and 134, which were not opened. Do not apply it. The opened rules do not require a comment because the price or the volume moved. Rule 13a-11 (17 CFR § 240.13a-11) requires a current report on Form 8-K within the period specified in that form unless substantially the same information has already been reported. A failure to file a Form 8-K required solely by Item 1.01, 1.02, 1.05, 2.03, 2.04, 2.05, 2.06, 4.02(a), 5.02(e), or 6.03 is not deemed a violation of section 10(b) and Rule 10b-5. Other liability can still apply. |
| Written for | United States |
| Applies to | [Answer an ASX price or volume query](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/answer-an-asx-price-or-volume-query.md) |

## Checking plan

- What the AI does: Set the proposed reply beside the filings already in the file. List each factual sentence in the reply that those filings do not contain, and each nonpublic fact the reply would add. Do not write the reply, and do not treat trading volume as a reason to speak.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- Section 243.101(e) was not opened. Do not describe how public disclosure is made, and do not state a Form 8-K day count.
- The opened rules do not require a company to speak because the price or the volume moved.
- Do not apply Regulation FD paragraph (b)(2)(iii). Rules 135, 134, and 415 were not opened.

## Sources

- [17 CFR § 240.10b-5, employment of manipulative and deceptive devices](https://www.law.cornell.edu/cfr/text/17/240.10b-5) (checked 2026-10-22)
- [17 CFR § 243.100, Regulation FD general rule on selective disclosure](https://www.law.cornell.edu/cfr/text/17/243.100) (checked 2026-10-22)
- [17 CFR § 240.13a-11, current reports on Form 8-K](https://www.law.cornell.edu/cfr/text/17/240.13a-11) (checked 2026-10-22)

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*