TO: All NASD Members and Other Interested Persons
ATTN: Direct Participation Programs Department
LAST DATE FOR COMMENT: NOVEMBER 21, 1985
The NASD's Direct Participation Programs and Real Estate Committees are concerned that abuses exist in the content of advertising and sales literature used for public direct participation programs. The Committees and the NASD's Board of Governors
TO: All NASD Members and Interested Persons
ATTN: Registration, Training and Compliance Personnel
The subject matter of various NASD qualification examinations has been affected by the passage of the Tax Reform Act of 1984 (the "Act") as well as by recently adopted amendments to certain SEC and NASD rules. The test items affected by these changes have been deleted from the current test
TO: All NASD Members and Other Interested Persons
On June 2, 1983, the Securities and Exchange Commission ("SEC") approved amendments to Schedule E to Article IV, Section 2 of the Association's By-Laws ("Schedule E") which relates to the distribution of members' own securities and those of affiliates. The amendments became effective upon approval and are applicable
SUGGESTED ROUTING*
Senior Management
Legal & Compliance
*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
The Securities and Exchange Commission has approved amendments to Articles II and III of the NASD's Code of Procedure ("Code
The Contra Executing Firm 20 Minute Compliance report card is a monthly status report that provides information on transactions in which a firm failed, as the Contra Firm to accept / decline / compare trades within 20 minutes after execution, in apparent violation of FINRA Rules 7230A(b) and/or 7330(b). It provides information about the number of trades that were accepted / declined / compared
Remarks from the FINRA Annual Conference
INFORMATIONAL
Single Arbitrator Pilot Program
Effective Date: May 15, 2000
SUGGESTED ROUTING
KEY TOPICS
Legal & Compliance
Registered Representatives
Senior Management
Arbitration
Direct Communication with Single Arbitrator
Neutral List Selection System
Reduced Hearing Session Fees
Single Arbitration Pilot
Executive Summary
On February 15, 2000,1 the
TO: All NASD Members
ATTN: Operations Principals, Cashiers and Buy-in Personnel
The Association's Board of Governors has adopted various amendments to the Uniform Practice Code which prescribes the manner in which over-the-counter securities transactions are compared, cleared and settled between NASD member firms. These amendments to the Code apply to all NASD members participating in
(a) Standards for Member Conduct
Except as otherwise provided in this Rule, a member that is a party to a networking arrangement under which the member conducts broker-dealer services on or off the premises of a financial institution is subject to the following requirements:
(1) Setting
A member that conducts broker-dealer services on the premises of a financial institution shall:
(A) be
Exchange Act Rule 15c3-3 (Customer Protection Rule) imposes requirements on member firms that are designed to protect customer funds and securities. Member firms are obligated to maintain custody of customers’ fully paid and excess margin securities, and safeguard customer funds by segregating these assets from the firm’s proprietary business activities and promptly delivering them to the customer upon request. Member firms can satisfy these requirements by keeping customer funds in a special reserve bank account and by maintaining customer securities in their physical possession or in a good control location, as specified in Rule 15c3-3. Member firms are required to maintain a reserve of cash or qualified securities in the special reserve bank account that is at least equal in value to the net cash owed to customers, including cash obtained from the use of customer securities. The amount of net cash owed to customers is computed pursuant to the formula set forth in Exhibit A to Rule 15c3-3.
