Guidance

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Interpretive Letter
Interpretive Letter to Name Not Public

Applicability of NASD Rule 3070 to the operations of a mutual fund variable product distributor broker/dealer with a separately registered transfer agent.

May 28, 1996
Exemptive Letter
Name Not Public
The request for exemption stems from the fact that several political contributions were made from Firm X's checking account which Person A contends should have been issued from Person A's checking account. Under the MSRB rules, the NASD may grant exemptions only when the situation involves a disgruntled employee contribution or a number of small contributions totaling slightly more than the $250 de minimis amount. Accordingly, Firm X's request for an exemption is denied.
May 13, 1996
Interpretive Letter
Interpretive Letter to Name Not Public
Member's use of minimum commissions per trade or per share and the use of standardized commission schedules.
May 02, 1996
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Spring 1996
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March 31, 1996
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Winter 1996
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January 01, 1996
Interpretive Letter
Interpretive Letter to Name Not Public
Registration requirements of a member for persons responsible for actively supervising the employees of member broker/dealer (under former Schedule C, Part II, now the Rule 1020 Series).
November 27, 1995
Interpretive Letter
Interpretive Letter to Name Not Public
Requirements of member firms in maintaining do-not-call lists under NASD Rule 3110.
October 31, 1995
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Fall 1995
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October 01, 1995
Interpretive Letter
Interpretive Letter to Richard Lewandowski, The Options Exchange

Short sales by options professionals established during the course of bona fide market making activities are exempt from the affirmative determination requirements, regardless of whether the short sales constitute a permitted offset under Regulation T.

July 26, 1995
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Summer 1995
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July 01, 1995
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Spring 1995
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March 31, 1995
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Winter 1995
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January 01, 1995
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Fall 1994
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October 01, 1994
Interpretive Letter
Interpretive Letter to Name Not Public
The applicability of Section 40 (Rule 3040) to situations in which a financial plan is delivered to a customer without an execution of a securities transaction.
September 27, 1994
Interpretive Letter
Interpretive Letter to Name Not Public

Requirements under NASD Rule 3030 (formerly Article III, Section 43) for investment seminar activities conducted by dually registered persons that charge fees from participants.

September 15, 1994
Interpretive Letter
Interpretive Letter to Name Not Public

Clarification of NASD Notice to Members 94-44 to situations in which a dually registered person maintains discretionary trading authority, determines portfolio changes, and prepares trade instructions for customer accounts and charges the accounts an asset-based fee.

August 05, 1994
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Spring 1994
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June 01, 1994
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Winter 1994
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March 01, 1994
Interpretive Letter
Interpretive Letter to Name Not Public
Suitability responsibilities of a discount broker/dealer when a customer is trading in options contracts (under former Article III, Section 2, now Rule 2310).
May 18, 1993
Interpretive Letter
Interpretive Letter to Name Not Public

Whether a proposed standby purchase agreement entered into between affiliate of a member and an issuer in connection with a public offering of the issuer's common stock could constitute an option.

February 24, 1993
Interpretive Letter
Interpretive Letter to Name Not Public
Application of NASD Notice to Members 90-52 to member firms that do not recommend securities transactions to their customers, but limit their business to accepting unsolicited orders from customers (under former Article III, Section 2, now Rule 2310).
November 13, 1990
Interpretive Letter
Interpretive Letter to Name Not Public

Cash rebates issued to pension plan customers with respect to secondary market transactions in outstanding securities (under former Article III, Section 24, now Rule 2740 and IM-2740).

December 22, 1988
Compliance Tools
Guidance for Governing Documents and Attestations to Evidence Ownership
Form CMA is organized by 14 standards for admission as set forth under Rule 1014(a) and specifies the documents and information required to support each standard. The items listed in this checklist are also organized by standard and focus on the standards and their related documentation and information that an applicant may inadvertently overlook when submitting the application. Firms should treat this checklist as a starting point for preparing Form CMA. Firms are advised to review the rules applicable to a CMA, including Rules 1014 and 1017, together with Form CMA. During the course of the review process, FINRA may request additional documents and information as necessary to render a decision on the application.
Guidance
SEC Identity Theft Red Flags Rule
The Red Flags Rule requires that each "financial institution" or "creditor" --which include most member firms--implement a written program to detect, prevent and mitigate identity theft in connection with the opening or maintenance of "covered accounts."
FAQ
OATS OTC FAQ
Frequently asked questions related to OATS reporting requirements to OTC equity securities.