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October 2002
In an effort to assist member firms' compliance efforts, NASD is issuing this regular communication, "Improving Examination Results." This document has two sections: "Examination Priorities" and "Frequently Found Violations," both of which relate to the Department of Member Regulation's routine examinations of firms. While each firm must establish its own compliance programs and supervisory procedures, we felt it may be helpful to share our overall priorities.
Priced quotations by an ECN or ATS displayed on the OTC Bulletin Board are considered priced quotations for purposes of compliance with Rule 2320(g)(1).
Permissibility of electronic approval of accounts under NASD Rule 3110(c)(1)(C). (Note: Underlining indicates redactions from original letter).
Application of Rules 3030 and 3040 to associated persons who receive commissions for brokering viatical settlement contracts.
Application of the OATS rules to orders that are cancelled or replaced due to a merger of the member holding the orders.
Member firms may pay retired registered representatives continuing commissions based on contributions to accounts established by the former representatives prior to retirement, provided the conditions of NASD IM-2420-2 are satisfied, and further, that such payments are made in compliance with SEC "no-action" letters addressing the permissibility of those payments under Section 15(a) of the Securities Exchange Act of 1934. Firms cannot pay retired registered representatives commissions based on activity in accounts established after the representatives' retirement.
Applicability of the reporting requirement under Rule 3070(a)(8) to a non-securities related automobile insurance settlement exceeding $15,000.
Applicability of NASD Rule 3030 to an associated person filing a membership application with the NASD to form a new broker/dealer.
Applicability of NASD rules to a member's use of a translator for group retirement plan enrollment presentations.
October 18, 2001
Mr. William E. Floria
President
House of Securities Company
12 West Church Street
Frederick, MD 21701
Re: Exemption Request from Fidelity Bonding Requirements
Dear Mr. Floria:
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