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SEC Approves Amendment To Section 65 Of Uniform Practice Code
On November 30, 1994, the SEC approved an amendment to Section 65 of the Uniform Practice Code relating to customer account transfers. The NASD filed the amendments along with other amendments to the NASD's rules designed to implement the SEC's mandate to move to T+3 settlement of securities transactions. Although the SEC
Member Assessments
The NASD amended Section 1, Schedule A to the NASD By-Laws to increase the credit against a member's annual gross income assessment from 62 to 67 percent for calendar year 1993. The credit will be reduced to 59 percent for 1994.
Because members have already paid their 1993 assessments with the 62 percent credit in effect, the increase to 67 percent will create a credit
Bulletin Board Designated As "Qualifying Electronic Quotation System"
On December 30, 1992, the Securities and Exchange Commission (SEC) granted the NASD's request for interim designation of the OTC Bulletin Board® service (OTCBB) as a "Qualifying Electronic Quotation System" for purposes of certain penny-stock rules that became effective on January 1, 1993. The SEC
NASD Imposes $200 Fee for Form 211 Applications
On January 2, 1992, the SEC approved a proposed rule change by the NASD relating to a fee for Form 211 applications filed with the NASD pursuant to Schedule H, Section 4 of the NASD By-Laws. The rule change is effective immediately and, as a result, a $200 filing fee will be required together with each Form 211 application received on or after
As a supplement to filing FOCUS reports required pursuant to SEA Rule 17a-5 and FINRA Rule 2010, each member, as FINRA shall designate, shall file such additional financial or operational schedules or reports as FINRA may deem necessary or appropriate for the protection of investors or in the public interest. The content of such schedules or reports, their format, and the timing and the frequency
(a) Initial Set of Customer Information
Each Industry Member shall submit to the Central Repository the Firm Designated ID, the Transformed Value for individual tax payer identification number ("ITIN")/social security number ("SSN"), Customer Account Information and Customer Identifying Information for each of its Customers with an Active Account prior to such Industry Member
(a) A FINRA member operating in or participating in any FINRA system or facility shall provide information orally, in writing, or electronically (if such information is, or is required to be, maintained in electronic form) to the staff of FINRA when FINRA staff makes an oral, written or electronically communicated request for information relating to a specific FINRA rule, SEC rule, or
(a) Dissemination Upon ReceiptFINRA will disseminate information on all transactions in TRACE-Eligible Securities, including transactions effected pursuant to Securities Act Rule 144A, immediately upon receipt of the transaction report, except as provided in paragraphs (b) through (d) of this Rule.(b) Periodic DisseminationFINRA will disseminate aggregated information on certain transactions in
(a) Each member shall maintain the following information:(1) for each account: (A) customer's name and residence;(B) whether customer is of legal age;(C) name(s) of the associated person(s), if any, responsible for the account, and if multiple individuals are assigned responsibility for the account, a record indicating the scope of their responsibilities with respect to the account
