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Interpretive Letters

 
Interpretive letters provide guidance on the staff's views as to the application of particular FINRA rules under specific circumstances. Members, associated persons, and their counsel should consider seeking further guidance regarding their own unique circumstances.

Date Title Related Rule Topic
Apr 26, 2023 Interpretive Letter to Janet Dyer, National Financial Services, LLC FINRA Rule 2210 - Communications with the Public Negative Response Letters
Sep 01, 2020 Interpretive Letter to Jason P. Ellison, Foreside Fund Services, LLC FINRA Rule 2210 - Communications with the Public Advertising Regulation, Related Performance
Jul 24, 2020 Interpretive Letter to T. Douglas Hollowell, UBS Financial Services, Inc. NASD Rule 11870 - Customer Account Transfer Contracts, NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade Negative Response Letters
Jun 16, 2020 Interpretive letter to Michael Markunas, B. Riley FBR, Inc. and B. Riley Wealth Management, Inc. FINRA Rule 1220 – Registration Categories Investment Banking Referrals
May 30, 2019 Interpretive letter to Jonathan D. Wiley, The Forbes Securities Group CAB Rule 016(c) - Capital Acquisition Broker Capital Acquisition Brokers
Jan 31, 2019 Interpretive letter to Meredith F. Henning, Foreside FINRA Rule 2210 - Communications with the Public Advertising Regulation
Apr 16, 2018 Interpretive letter to Joan E. Boros, Esq., Stradley Ronon Stevens & Young, LLP FINRA Rule 2210 - Communications with the Public Advertising Regulation, Related Performance
Dec 11, 2017 Interpretive Letter to Lawrence Cohen, Gordon Rees Scully Mansukhani, LLP FINRA Rule 5130 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings
Jun 12, 2017 Interpretive Letter to Clair Pagnano, K&L Gates LLP FINRA Rule 2210 - Communications with the Public Related Performance, Advertising Regulation
May 09, 2017 Interpretive Letter to Elliott R. Curzon, Dechert LLP FINRA Rule 5131 – New Issue Allocations and Distributions
Mar 22, 2016 Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group FINRA Rule 2210 - Communications with the Public Filing Requirements, Advertising Regulation
Feb 24, 2016 Interpretive Letter to Marc Menchel, Menchel Consulting LLC NASD Rule 1017 - Application for Approval of Change in Ownership, Control, or Business Operations
May 12, 2015 Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC FINRA Rule 2210 - Communications with the Public Related Performance, Advertising Regulation
Feb 20, 2015 Interpretive Letter to Gregory J. Nowak, Pepper Hamilton LLP FINRA Rule 5130 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings
Dec 01, 2014 Interpretive Letter to Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc. NASD Rule 1030 Series - Registration of Representatives Business Development Company (BDC), Qualification Exams, Advertising Regulation, Direct Participation Programs (DPPs)
Apr 28, 2014 Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP NASD Rule 2711 - Research Analysts and Research Reports Research Reports, Third Party Research, Advertising Regulation
Aug 26, 2013 Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc. FINRA Rule 2111 - Suitability Private Placements, Suitability
Apr 22, 2013 Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc. FINRA Rule 2210 - Communications with the Public Back testing, Advertising Regulation
Feb 08, 2013 Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP NASD Rule 2711 - Research Analysts and Research Reports Qualification Exams, Third Party Research, Advertising Regulation, Research Analyst Rules
Feb 05, 2013 Interpretive Letter to S. Kendrick Dunn, Pacific Select Distributors, Inc. NASD Rule 3010 - Supervision Qualification Exams, Supervision
Dec 21, 2012 Interpretive Letter to Ira Hammerman, The Securities Industry and Financial Markets Association FINRA Rule 11810 - Buy-In Procedures and Requirements Customer Account Transfers
Nov 27, 2012 Interpretive Letter to Name Not Public NASD IM-2420-2 - Continuing Commissions Policy
Jul 29, 2010 Interpretive Letter to Michael Brennan NASD Rule 1020 Series - Registration of Principals Qualification Exams
Jun 09, 2010 Interpretive Letter to Merrie Faye Witkin, The Depository Trust & Clearing Corporation NASD Rule 11190 - Reconfirmation and Pricing Service Participants
May 21, 2010 Interpretive Letter to Claudia Crowley, NYSE Regulation, Inc. FINRA Rules 7410-7470 (OATS)