Disclosure and Consent Requirements When Trading on a Net Basis With Customers
NASD has filed with the SEC proposed NASD Rule 2441 to clarify and codify the staff position that market makers that intend to trade on a net basis with their customers are required to provide disclosure to, and obtain affirmative consent from, non-institutional customers on an order-by-order basis and obtain consent from institutional customers, which may be evidenced by the use of a negative consent letter.
Title | Format - Size | Status |
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Text of Proposed Rule Change | PDF - 69.74 KB | |
Amendment No. 1 to Proposed Rule Change | PDF - 26.24 KB | |
Amendment No. 2 to Proposed Rule Change | PDF - 25.69 KB | |
Amendment No. 3 to Proposed Rule Change | PDF - 27.44 KB | |
Federal Register Notice | PDF - 58.37 KB | |
Amendment No. 4 to Proposed Rule Change | PDF - 227.16 KB | |
Approval Order | PDF - 65.87 KB |