For Your Information (January)
For Your Information
National Association of Securities Dealers, Inc.
January 1989
Toll-Free Numbers for New York NASDAQ Operations Center Take Effect Soon
With the opening of business on January 9, 1989, the New York NASDAQ Operations Center may be reached via toll-free 800 service from all locations.
Effective January 9, 1989, the new numbers are:
For SOES operations information (e.g., routing, registering): (800) 635-6481
For the rest of NASDAQ: (800) 635-6485
The following numbers remain unchanged: Trade Reporting (212) 509-3618 CAE/ITS(212) 509-3615
Series 7 Test Changes in January and February; Permanent Site Change in Houston
Atlanta Test Site for January
Due to unexpected circumstances, the Atlanta Series 7 test site has been changed. Candidates planning to take the exam January 21, 1989, in Atlanta should report to:
Ramada Inn
1-85 & Shallowford Road
Atlanta, GA
Signs will be posted prominently in the lobby to direct candidates to the exam.
Memphis Test Site for January
The January 21, 1989, Series 7 exam in Memphis will be held at:
Holiday Inn
Overton Square
1837 Union Avenue
Memphis, TN
Signs will be posted prominently to direct candidates to the exam.
Permanent Site Change
Effective January 3, 1989, all Series 7 exams in Houston will be held at:
INNOVA Center
20 Greenway Center
Houston, TX 77046
INNOVA is located one block west of the Summit Sports Arena, where free parking is available.
February Series 7 Date Changes
Because of the national holiday that falls the third weekend of the month, the February Series 7 exam session will be conducted February 11, 1989. Certain exam centers were unable to adjust their schedules to accommodate this change and will administer the exam on February 18, 1989.
Centers administering tests on February 11, 1989:
|
Albuquerque, NM |
Los Angeles, CA |
|
Amarillo, TX |
Memphis, TN |
|
Anchorage, AK |
Miami, FL |
|
Boise, ID |
New Orleans, LA |
|
Boston, MA |
New York, NY |
|
Charlotte, NC |
Orlando, FL |
|
Chicago, IL |
Philadelphia, PA |
|
Cleveland, OH |
Phoenix, AZ |
|
Dallas, TX |
Pittsburgh, PA |
|
Dearborn, MI |
Portland, OR |
|
Denver, CO |
Rochester, NY |
|
Great Falls, MT |
Salt Lake City, |
|
Honolulu, HI |
UT Seattle, WA |
|
Houston, TX |
St. Louis, MO |
|
Kansas City,MO |
Teaneck, NJ |
|
Indianapolis, IN |
Washington, DC |
|
Lincoln, NE |
Centers administering tests on February 18, 1989:
|
Atlanta, GA |
Minneapolis, MN |
|
Little Rock, AR |
San Francisco, CA |
For information on exams, locations, or dates, contact the Information Services Department at (301) 590-6500.
CORRECTION TO NOTICE TO MEMBERS 88-97
A line of text was inadvertently dropped from Notice to Members 88-97. The Notice is reprinted in its entirety with the missing line in italics. Please note the change below. A revised sample form also is included.
Subject: Implementation of the Form U-4 Disclosure Reporting Page (DRP) Effective Immediately
EXECUTIVE SUMMARY
A new Form U-4 attachment page, the Disclosure Reporting Page (DRP), has been developed for use by member firms to report the details of their registered representatives' disciplinary history. Effective immediately, all information provided to the Central Registration Depository (CRD) relating to Item 22 on Page 3 of Form U-4 should be submitted on a fully completed DRP.
Use of the DRP is expected to streamline the reporting, capture, and dissemination of disciplinary information.
BACKGROUND
In July 1987 the NASD and the North American Securities Administrators Association (NASAA) met to address state concerns regarding the lengthy and often complicated summaries of disciplinary information contained in the CRD data base. The disclosure of disciplinary information by associated persons through Form U-4 historically has been received in a relatively unstructured format, with submissions to CRD ranging from short, free-form summaries to hundreds of pages of documents. The NASD and NASAA sought to streamline and expedite the process of reporting and disseminating disciplinary information through the system. It was agreed that a uniform format for disclosure, which would provide more direction to the person completing the Form U-4, should be created. That format has now been developed and is incorporated into a revised attachment page to Form U-4 called the Disclosure Reporting Page (DRP).
The DRP is designed to simplify the submission of details to disciplinary questions on Form U-4 by soliciting only the pertinent facts relating to the disclosable matter. Since the DRP requires concise answers to these questions, the amount of data captured by CRD will be reduced, and disciplinary records will become more succinct and easier to understand. In addition, completion of each of these questions will significantly reduce the amount of paperwork now submitted by member firms.
FILING REQUIREMENTS
The DRP contains nine (9) questions. The first eight (8) questions request specific facts relating to the incident being disclosed and must be answered. The last question provides space for the individual to include an explanation of the disclosable matter. Completion of this question is optional, and the explanation must fit within the space provided.
A separate DRP must be submitted for each different event or proceeding that is being disclosed. Since an event or proceeding may relate to more than one question under Item 22, only one DRP need be provided, but it must reference all applicable "yes" answers on Page 3. A sample of a properly completed DRP, which provides the details of a settled customer complaint disclosed through Items 22H(1) and 22H(2) of Form U-4, is included. Please note that if the agent used in this example had been the subject of additional customer complaints that required disclosure, completion of a separate DRP would be necessary for each complaint.
Documents no longer are required to be submitted but may be attached to the DRP at the option of the member. If filed, the individual's record will indicate that they have been received, but no information will be captured from the documents. All pertinent details must be contained in the answers to the DRP questions. Jurisdictions that need copies of the documents will continue to request them from the CRD. While it is anticipated that full completion of the DRP will provide sufficient information in most cases, there may be situations where additional details are needed for a jurisdiction to complete its regulatory review. If that situation occurs, the jurisdiction will continue to notify the firm directly to request the specific information required.
Effective immediately, all future disclosures relating to Item 22 of Form U-4 should be made on the DRP. The DRP should be used for all initial, transfer, and amended disciplinary filings. In order to allow members to become familiar with this new form, and to allow for submission of information that may have already been prepared under the existing format, the CRD will accept both the DRP and existing format until February 1, 1989. Following that date, all information must be provided on the DRP.
The Form U-4 instructions relating to Item 22 have been revised to require the filing of the DRP for all "yes" answers, and the existing attachment page has been revised to limit its use to the continuation of Form U-4 Items 18, 19, and 20. Firms may continue to use the existing attachment page provided they limit its use to Items 18, 19, and 20 of Form U-4. Copies of the DRP and the revised attachment page are included with this Notice for your firm's use. Please feel free to make copies of these forms.
Questions concerning this notice may be directed to Ellen J. Badler, Assistant Director, Special Registration Review at (301) 590-6743. For copies of the DRP and/or Form U-4, please call NASD Information Services at (301) 590-6500.
Annual Check List of NASD Notices to Members
The following NASD Notices to Members were issued during 1988. Requests for copies of notices should be accompanied by a self-addressed mailing label and sent to: NASD Administrative Services 1735 K Street, NW, Washington, DC 20006-1506
|
Notice |
Date |
Topic |
|
88-1 |
01/04 |
Proposed Amendments to NASD By-Laws and Rules of Fair Practice, and Proposed New Government Securities Rules |
|
88-2 |
01/05 |
Martin Luther King, Jr., Day: Trade Date-Settlement Date Schedule |
|
88-3 |
01/07 |
Amendment to Section 64 of the NASD Uniform Practice Code Re: Acceptance and Settlement of COD Orders, Effective February 11, 1988 |
|
88-4 |
01/14 |
NASDAQ National Market System Additions as of January 19, 1988 |
|
88-5 |
01/14 |
Request for Comments on Proposed NASD Rule of Fair Practice Re: Outside Business Activities |
|
88-6 |
01/15 |
SEC Approves NASD New Order Confirmation Transaction (OCT) Service |
|
88-7 |
01/15 |
Year-End Check List of NASD Notices to Members |
|
88-8 |
01/20 |
Request for Comments on Proposed New Section 3 to Article VII and an Amendment to Article XI, Section 4 of the NASD By-Laws |
|
88-9 |
01/28 |
NASDAQ National Market System Additions as of February 2, 1988 |
|
88-10 |
02/01 |
Relocation of NASD New York Offices |
|
88-11 |
02/08 |
Proposed Amendments to Article III, Section 27 of the NASD Rules of Fair Practice Re: Supervision and the Definitions of "Office of Supervisory Jurisdiction" and "Branch Office" |
|
88-12 |
02/08 |
Presidents' Day: Trade Date-Settlement Date Schedule |
|
88-13 |
02/10 |
NASDAQ National Market System Additions as of February 16, 1988 |
|
88-14 |
02/10 |
Additional Arbitration Filing Fee and Advertising Service Charge |
|
88-15 |
02/24 |
Amendment to Schedule A to the NASD By-Laws Re: Increased Application Fee for Member Firms With Statutorily Disqualified Individuals |
|
88-16 |
02/24 |
NASDAQ National Market System Additions as of March 1, 1988 |
|
88-17 |
03/01 |
Request for Comments on Proposed Amendments to NASD Rules of Fair Practice to Prohibit Non-Cash Compensation in Connection with Sales of Investment Company and Variable Contract Products |
|
88-18 |
03/04 |
Extension of Comment Period: Proposed Amendments to Article III, Section 27 of the NASD Rules of Fair Practice Re: Supervision and the Definitions of "Office of Supervisory Jurisdiction" and "Branch Office" |
|
88-19 |
03/10 |
Proposed Amendment to Article VII of the NASD By-Laws Authorizing Mandatory Reporting of Trade Information |
|
88-20 |
03/14 |
Request for Comments on Proposed Amendment to Article III, Section 35 of the NASD Rules of Fair Practice Relating to Advertising and Sales Literature For Investment Company Securities |
|
88-21 |
03/14 |
Good Friday: Trade Date-Settlement Date Schedule |
|
88-22 |
03/11 |
NASDAQ National Market System Additions as of March 15, 1988 |
|
88-23 |
03/23 |
SIPC Trustee Appointed for Windsor Equity Corporation |
|
88-24 |
03/30 |
Registration of Persons Soliciting on Behalf of Members |
|
88-25 |
03/30 |
NASDAQ National Market System Additions as of April 5, 1988 |
|
88-26 |
04/12 |
Request for Comments on Proposed Amendments to Appendix A to Article III, Section 30 of the NASD Rules of Fair Practice |
|
88-27 |
04/13 |
NASDAQ National Market System Additions as of April 19, 1988 |
|
88-28 |
04/15 |
Quarterly Check List of NASD Notices to Members |
|
88-29 |
04/28 |
Proposed New Section 3 to Article VII and Amendment to Article XI, Section 4 of the NASD By-Laws Re: Emergency Authority of the NASD Board of Governors |
|
88-30 |
04/28 |
NASDAQ National Market System Additions as of May 3, 1988 |
|
88-31 |
05/04 |
Proposed Amendments to Article V, Section 1 of the NASD Rules of Fair Practice and Section 12(2) of the Proposed Government Securities Rules Re: Removal of Fine Limitations |
|
88-32 |
05/10 |
Amendment to the NASD Board of Governors' Corporate Financing Interpretation Re: Public Offerings When Proceeds Are Directed to NASD Members |
|
88-33 |
05/12 |
Adoption of Amendments to Schedule E to the NASD By-Laws, Effective Immediately |
|
88-34 |
05/12 |
Adoption of New Section 67 of the NASD Uniform Practice Code Re: Delayed Closings, Effective June 12, 1988 |
|
88-35 |
05/12 |
NASDAQ National Market System Additions as of May 17, 1988 |
|
88-36 |
05/19 |
Memorial Day Trade Date-Settlement Date Schedule |
|
88-37 |
05/26 |
SIPC Trustee Appointed: Omni Mutual, Inc. |
|
88-38 |
05/31 |
SEC Approves New Category of Limited Representative Registration Corporate Securities Examinations (Series 62); Study Outline Available |
|
88-39 |
06/01 |
NASDAQ National Market System Additions as of June 7, 1988 |
|
88-40 |
06/01 |
Adoption of New Schedule H to the NASD By-Laws and Proposed Amendment to Article III, Section 21 of the NASD Rules of Fair Practice |
|
88-41 |
06/07 |
Independence Day Trade Date-Settlement Date Schedule |
|
88-42 |
06/17 |
NASDAQ National Market System Additions as of June 21, 1988 |
|
88-43 |
06/22 |
Adoption of Amendments to the Rules of Fair Practice and Procedures For the NASD Small Order Execution System and to Schedule D to the NASD By-Laws, Effective June 30, 1988 |
|
88-44 |
07/01 |
Mail Vote on Rule Amendments: Supervision and Definitions of "Branch Office" and "Office of Supervisory Jurisdiction" |
|
88-45 |
07/01 |
Mail Vote on Proposed Rule Re: Outside Business Activity |
|
88-46 |
07/01 |
Rule Amendments to Authorize Trading Halts in NASDAQ Securities |
|
88-47 |
07/01 |
Request for Comments Re: Prompt Receipt and Delivery of Securities |
|
88-48 |
07/01 |
Request for Comments on Amendment Re: Filling Vacancies on District Committees |
|
88-49 |
07/01 |
Request for Comments on Proposed Prohibition of Concurrent Registration |
|
88-50 |
07/01 |
Guidelines for Registration of Persons Soliciting on Behalf of Members |
|
88-51 |
07/01 |
Registration of Foreign Branch Offices by August 1, 1988 |
|
88-52 |
07/01 |
Rule Amendment Re: Testimonial Advertisements |
|
88-53 |
07/01 |
SIPC Trustee Appointed for Fitzgerald, DeArman & Roberts |
|
88-54 |
07/01 |
(Supplement 1) Implementation of Reporting Requirements for Non-NASDAQ OTC Securities |
|
88-55 |
08/01 |
Amendments Adopted Re: Sharing in Customer Accounts |
|
88-56 |
08/01 |
Revisions to Form BD; State Pilot for Broker-Dealer Phase of CRD |
|
88-57 |
08/01 |
NASDAQ National Market System Additions, Changes, and Deletions as of July 22, 1988 |
|
88-58 |
08/01 |
September First-Saturday Exam Session Date Changes |
|
88-59 |
08/01 |
Schedule for Labor Day Trade Date-Settlement Date |
|
88-60 |
08/01 |
Second-Quarter 1988 Notices to Members Check List |
|
88-61 |
08/25 |
(Supplement) Interpretation of SOES Rules Re: Maximum Order-Size Restrictions |
|
88-62 |
09/01 |
SEC Adopts Rule 10b-21 Prohibiting Short Selling into Secondaries |
|
88-63 |
09/01 |
SEC Approves Rule: Issuing Companies Must Notify NASD Re: Material News Before Public Release |
|
88-64 |
09/01 |
Mail Vote on Proposed Amendment Re: Advertising and Sales Literature for Investment Company Securities |
|
88-65 |
09/01 |
Request for Comment: Proposed Amendment Re: Use and Disclosure of Member Names |
|
88-66 |
09/01 |
Test Center Location Change for September Houston Series 7 Exam |
|
88-67 |
09/01 |
Obligation to Provide Accurate Information on Forms U-4 and U-5 and Research Potential Employees' Backgrounds |
|
88-68 |
09/01 |
Request for Comment: Providing Terminated Employees with Form U-5 and Obtaining Prior Form U-5 for Potential Employees |
|
88-69 |
09/01 |
Procedures to Document Excused Withdrawal Under Schedule D of By-Laws |
|
88-70 |
09/01 |
Schedule for Columbus Day Trade Date-Settlement Date |
|
88-71 |
09/01 |
NASDAQ National Market System Additions, Changes, and Deletions as of August 19, 1988 |
|
88-72 |
10/01 |
Mail Vote on Proposed Change in Definition of "Bona Fide Research" |
|
88-73 |
10/01 |
UPC Amendment Requires Syndicate Managers to Provide Itemized Expense Statements to Members of Underwriting Syndicates |
|
88-74 |
10/01 |
Amendments to Code of Procedure Re: Composition of Panels for DBCC and Market Surveillance Hearings |
|
88-75 |
10/01 |
Amendment Eliminating the Fine Ceilings in Disciplinary Proceedings |
|
88-76 |
10/01 |
Houston Test Center Change for October 15 Series 7 Examination |
|
88-77 |
10/01 |
SIPC Trustee Appointed for Fair-weather (George R.) Securities, Inc. |
|
88-78 |
10/01 |
New Telephone Number for NASD's Rockville, MD Office Effective October 14, 1988 |
|
88-79 |
10/01 |
NASDAQ National Market System Additions, Changes, and Deletions as of September 16, 1988 |
|
88-80 |
10/01 |
Third-Quarter 1988 Check List of NASD Notices to Members |
|
88-81 |
10/01 |
NASD Raises Corporate Filing Fees, Effective October 1, 1988 |
|
88-81A |
11/01 |
Broker-Dealer and Agent Renewals for 1988-89 |
|
88-82 |
11/01 |
Holiday Trade Date-Settlement Date Schedules |
|
88-83 |
11/01 |
Amendment Re: Marking Customer Order Tickets |
|
88-84 |
11/01 |
Approval of the Rules Re: Supervisory Practices |
|
88-85 |
11/01 |
SEC Approval Re: Handling Customers' Limit Orders |
|
88-86 |
11/01 |
Approval of Rules Re: Outside Business Activities |
|
88-87 |
11/01 |
Request for Comments: Predispute Arbitration Clauses |
|
88-88 |
11/01 |
Amendment Re: Prohibition on Non-Cash Sales Incentives in Public Offerings |
|
88-89 |
11/01 |
Amendment to NASD By-LawsRe: Definition of Qualified Independent Underwriter |
|
88-90 |
11/01 |
Request for Comments: Training, Qualification, and Registration |
|
88-91 |
11/01 |
Request for Comments: Customer Account Information |
|
88-92 |
11/01 |
Request for Comments: Corporate Financing Rule |
|
88-93 |
11/01 |
Amendment to Free-Riding Interpretation |
|
88-94 |
12/01 |
NASDAQ/NMS Additions and Deletions |
|
88-95 |
12/01 |
SEC Approval of Amendment to NASD Rules of Fair Practice Re: Prompt Payment to Investment Companies |
|
88-96 |
12/01 |
SEC Approval of Amendments and New Government Securities Rules |
|
88-97 |
12/01 |
Implementation of the Form U-4 Disclosure Reporting Page (DRP) |
|
88-98 |
12/01 |
Request for Comments: Proposed Amendment to Schedule E Re: Exemption From the Pricing Requirements for Shelf Offerings to Institutional Investors |
|
88-99 |
12/01 |
Christmas Day, New Year's Day, Martin Luther King, Jr. Day: Trade Date-Settlement Date Schedule |
|
88-100 |
12/01 |
Mergers by Members With Blind-Pool Companies |
|
88-101 |
12/01 |
Clarification of NASD Filing Requirements and Review Procedures for Offerings Made Pursuant to SEC Rule 415 |
|
88-102 |
12/01 |
Additions to NASDAQ National Market System as of November 21, 1988 |
|
88-103 |
12/19 |
(Supplement) Adoption of Rule Amendments — Effective Immediately — to Prohibit Professional Trading in SOES |
|
88-104 |
12/30 |
(Supplement) Adoption of Rule Amendments Mandating the Automated Submission of Trading Data — Effective February 12, 1989 |