Letter to NASD Members
March 13, 2006
Dear NASD Member:
As I meet and talk with small firms across the country, one of the topics that continues to come up is the subject of supervisory controls.
One resource that my firm has found helpful in navigating the new rules and regulations on this issue is located on NASD's Web site at www.finra.org/supervisorycontrol. This page features valuable information regarding members' supervisory and supervisory control procedures, including a list of rules, amendments and interpretive materials on the subject.
Speaking of supervisory controls, and as a reminder, if your firm was relying on the "limited size and resource" exception prior to February 14, 2006, you must notify NASD by March 16, 2006, and then annually thereafter. Please see NASD Notice to Members 06-04 for more details.
Additionally, please be aware that NASD has amended Rules 3012 and 3013 to allow members to simultaneously submit their initial annual report and execute their initial annual certification by no later than April 1, 2006. Please refer to NASD Notice to Members 05-75 for more details.
Small Firm Advisory Board