Exemptive Letters

The index below is organized by subject, and the letters are arranged with the most recent letters first. FINRA will periodically update this area with new letters.

  

Disclaimer: FINRA staff is publishing a number of letters or summaries of its letters responding to requests for exemption, to assist member firms, securities professionals, lawyers and others in understanding the rationale for staff decisions to grant or deny requests for exemptions. Bear in mind that the decisions apply to the specific situations described. FINRA has not attempted to publish letters covering every rule for which an exemption can be granted.

 

With respect to requests for exemptive relief under Municipal Securities Rulemaking Board (MSRB) Rule G-37, FINRA has provided links to Notices to Members that publish staff and NAC decisions in redacted form. FINRA's publication policy regarding decisions under MSRB Rule G-37 is found in Notice to Members 98-51.

 

Trade Reporting Obligation for Certain Alternative Trading Systems – FINRA Rules 6183, 6625 and 6731

1/7/14   Exemptive Letter to Venu Palaparthi, NPM Securities LLC
3/1/12   Exemptive Letter to Michael R. Modeski, OTC Link LLC
 

Best Execution and Interpositioning - NASD Rule 2320(g)(2)

5/29/98   Exemptive Letter to Kenneth W. Perlman, Mayer & Schweitzer, Inc.
 

Corporate Financing Rule - NASD Rule 2710

6/4/04   Exemptive Letter to Marianne McKeon, Dewey Ballantine LLP
1/15/04   Exemptive Letter to Russell D. Sacks, Shearman & Sterling LLP
8/31/00   Exemptive Letter to Corporate Financing Department
4/7/00   Exemptive Letter to Laurie L. Green, Esq., Akerman, Senterfitt & Eidson
10/29/99   Exemptive Letter to Name Not Public 10/29/99
 

Distribution of Securities of Members and Affiliates - NASD Rule 2720

8/11/00   Exemptive Letter to Corporate Financing Department
11/29/99   Exemptive Letter to Joseph D. Fashano, Credit Suisse First Boston Corporation
6/14/99   Exemptive Letter to Judith G.Belash, Esq., Goldman, Sachs & Co.
 

Restrictions on the Purchase and Sale of Initial Equity Public Offerings - NASD Rule 2790

11/9/06   Exemptive Letter to Marianne McKeon, Esq., Dewey Ballantine LLP
2/3/06   Exemptive Letter to Bruce E. Lee, Esq.
10/18/05   Exemptive Letter to Noel M. Gruber, Esq.
12/3/04   Exemptive Letter to Dana G. Fleischman, Esq., Cleary, Gottlieb, Steen & Hamilton
 

Fidelity Bonds - NASD Rule 3020

10/18/01   Exemptive Letter to William E. Floria, House of Securities Company
5/16/01   Exemptive Letter to John W. Marcus, PIBC Securities LLC
 

Short Sale Rule - NASD Rule 3350

6/11/03   Exemptive Letter to Andre E. Owens, Esq., Schiff Hardin & Waite
 

Short Sale Rule - NASD Rule 5100

4/3/07   Exemptive Letter to Louis J. Karcher, Pipeline Trading Systems LLC
 

Restrictions on the Purchase and Sale of Initial Equity Public Offerings - FINRA Rule 5130

11/2/12   Exemptive Letter to Christopher M. Wells, Proskauer Rose LLP
12/7/10   Exemptive Letter to Edward A. Kwalwasser, Proskauer Rose LLP
 

Political Contributions and Prohibitions on Municipal Securities Business - MSRB Rule G-37

6/27/11   Exemptive Letter to Name Not Public
9/7/10   Exemptive Letter to Name Not Public
6/10/10   Exemptive Letter to Name Not Public
6/10/09   Exemptive Letter to Name Not Public
4/3/09   Exemptive Letter to Name Not Public
6/29/07   Exemptive Letter to Name Not Public
10/16/06   Exemptive Letter to Name Not Public
8/30/06   Exemptive Letter to Name Not Public
5/17/06   Exemptive Letter to Name Not Public
2/23/06   Exemptive Letter to Name Not Public
10/11/05   Exemptive Letter to Name Not Public
10/11/05   Exemptive Letter to Name Not Public
9/22/05   Exemptive Letter to Name Not Public
9/20/05   Exemptive Letter to Name Not Public
5/25/05   Exemptive Letter to Name Not Public
10/27/04   Exemptive Letter to Name Not Public
8/23/04   Exemptive Letter to Name Not Public
11/11/03   Exemptive Letter to Name Not Public
1/7/03   Exemptive Letter to Name Not Public
11/15/02   Exemptive Letter to Name Not Public
9/30/02   Exemptive Letter to Name Not Public
8/15/02   Exemptive Letter to Name Not Public
6/27/02   Exemptive Letter to Name Not Public
6/11/02   Exemptive Letter to Name Not Public
5/15/02   Exemptive Letter to Name Not Public
5/1/02   Exemptive Letter to Name Not Public
1/29/02   Exemptive Letter to Name Not Public
11/14/01   Exemptive Letter to Name Not Public
8/8/01   Exemptive Letter to Name Not Public
7/17/01   Exemptive Letter to Name Not Public
12/18/00   Exemptive Letter to Name Not Public
10/10/00   Exemptive Letter to Name Not Public
6/30/00   Exemptive Letter to Name Not Public
1/12/00   Exemptive Letter to Name Not Public
12/2/97   Exemptive Letter to Name Not Public
7/31/97   Exemptive Letter to Name Not Public
5/20/97   Exemptive Letter to Name Not Public
3/10/97   Exemptive Letter to Name Not Public
2/28/97   Exemptive Letter to Name Not Public
2/28/97   Exemptive Letter to Name Not Public
2/28/97   Exemptive Letter to Name Not Public
2/28/97   Exemptive Letter to Name Not Public
1/27/97   Exemptive Letter to Name Not Public
1/7/97   Exemptive Letter to Name Not Public
5/13/96   Exemptive Letter to Name Not Public