In an effort to assist member firms, securities professionals, lawyers, and others having an interest in the rules administered by FINRA, the staff of FINRA have selected for publication a number of staff interpretive and general informational letters. In publishing these letters, FINRA has not attempted to identify or publish all letters that have been issued on a particular subject. Similarly, FINRA has not attempted to review letters, once they have been published, for the purpose of identifying or removing those that may have become outdated or superseded.
All interpretive positions are staff positions, unless otherwise indicated. Staff-issued interpretive letters express staff views and opinions only and are not binding on FINRA and its Board; any representation to the contrary is expressly disclaimed. The letters are provided only for the purpose of providing general guidance on the staff's views as to the application of particular NASD rules under specific circumstances. Members, associated persons, and their counsel should consider the need for further guidance as to the application of NASD rules to their own unique circumstances.
To reflect current policy, all interpretive letters selected for publication on this Site after May 20, 1997, generally will be published in their entirety without redaction. All letters published on this Site prior to that date will reflect the redaction of certain personal, confidential, or identifying information (e.g., name and addresses of persons and organizations, names of member customers, amounts of transactions, financial data, etc.).