Conduct Rules

NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade

7/9/08   FINRA Office of General Counsel (Auction Rate Securities)
8/15/06   NASD Office of General Counsel, Regulatory Policy and Oversight
6/2/06   Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP
2/3/05   Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP
11/10/04   Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP
11/8/04   NASD Office of General Counsel, Regulatory Policy and Oversight
10/20/04   Interpretive Letter to Barry Harris, Banc of America Investment Services, Inc. (Use of Negative Response Letters)
5/1/03   Interpretive Letter to Michael D. Wolk, Esq., Foley and Lardner (Use of Negative Response Letters)
2/3/03   Interpretive Letter to Doug Wright, The Investment Center, Inc. (Use of Negative Response Letters)
2/3/03   Interpretive Letter to Marion A. Kashan, London Pacific Securities, Inc. (Use of Negative Response Letters)
12/12/02   Interpretive Letter to R. Cromwell Coulson, Pink Sheets LLC
3/19/01   Interpretive Letter to Klia Ververidis, Esq., AssetStream Corporation
12/22/00   Interpretive Letter to Barbara A. Mallon, Esq., Mallon & Johnson, P.C.
10/16/00   Interpretive Letter to Justine Rusin, Merit Capital Associates, Inc. (Use of Negative Response Letters)
 

NASD IM-2110-2 - Trading Ahead of Customer Limit Order

7/3/97   Interpretive Letter to Name Not Public
4/16/97   Interpretive Letter to Name Not Public
 

FINRA Rule 2111 - Suitability

8/26/13   Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc.
 

NASD Rule 2120 - Use of Manipulative, Deceptive, or Other Fraudulent Devices

8/29/97   Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius
 

FINRA Rule 2210 - Communications with the Public

4/22/13   Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc.
 

NASD Rule 2210 - Communications with the Public

9/28/07   Interpretive Letter to Dan Danborn, Society of Certified Senior Advisors
9/6/07   Interpretive Letter to Tamara K. Salmon, Investment Company Institute
8/1/06   Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association
11/29/04   Interpretive Letter to Therese Squillacote, ING Financial Advisers, LLC
9/14/04   Interpretive Letter to Budge Collins, Collins/Bay Island Securities
12/30/03   Interpretive Letter to Yukako Kawata, Davis Polk & WardwellGeneral Letter
10/2/03   Interpretive Letter to Michael D. Udoff, Securities Industry Association
5/29/03   Interpretive Letter to Robert C. Hacker, Esq., Kirkpatrick & Lockhart, LLP
9/30/02   Interpretive Letter to Susan S. Krawczyk, Esq., Sutherland Asbill & Brennan LLP
1/28/02   Interpretive Letter to Forrest R. Foss, T. Rowe Price Associates, Inc.
7/5/00   Interpretive Letter to Kathleen A. Wieland, William Blair & Company, L.L.C.
12/17/99   Interpretive Letter to Yoon-Young Lee, Wilmer, Cutler & Pickering
2/5/99   Interpretive Letter to W. Thomas Conner, National Association for Variable Annuities
7/30/98   Interpretive Letter to Dawn Bond, FSC Securities Corporation
6/8/98   Interpretive Letter to Christine A. Edwards, Morgan Stanley Dean Witter & Co.
5/11/98   Interpretive Letter to Sandra M. Ng, Gruntal & Co., L.L.C.
11/11/97   Interpretive Letter to Craig S. Tyle, Investment Company Institute
 

NASD Rule 2211 - Institutional Sales Material and Correspondence

8/1/06   Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association
 

NASD Rule 2220 - Options Communications with the Public

5/1/00   Interpretive Letter to Leonard Mayer, Schwab Capital Markets, L.P.
3/5/99   Interpretive Letter to J. Craig Long, Esq., Foley & Lardner
 

NASD Rule 2310 - Recommendations to Customers (Suitability)

3/17/05   Interpretive Letter to Tamara K. Salmon, Investment Company Institute
8/31/00   Interpretive Letter to Thomas E. Hellings, Securities America, Inc.
3/4/97   Interpretive Letter to Name Not Public
1/23/97   Interpretive Letter to Paul Saltzman, PSA
1/23/97   Interpretive Letter to Stuart J. Kaswell, SIA
5/18/93   Interpretive Letter to Name Not Public
11/13/90   Interpretive Letter to Name Not Public
 

NASD Rule 2320 - Best Execution and Interpositioning

8/19/02   Interpretive Letter to Howard L. Kramer, Schiff Hardin & Waite
9/5/01   Interpretive Letter to Donald H. Meiers, Holland & Knight, LLP
5/1/00   Interpretive Letter to Leonard Mayer, Schwab Capital Markets, L.P.
4/9/98   Interpretive Letter to Joseph McLaughlin, Brown & Wood
 

NASD Rule 2330 - Customers' Securities or Funds

2/4/04   Interpretive Letter to Martin H. Kaplan, Esq., Gusrae, Kaplan & Bruno, PLLC
3/16/99   Interpretive Letter to Martin Miller, Esq., Willkie Farr & Gallagher
 

NASD Rule 2370 - Borrowing From or Lending to Customers

11/7/03   Interpretive Letter to Harold L. Gladney
 

NASD Rule 2420 - Dealing with Non-Members

12/28/07   Interpretive Letter to Richard Schultz, Triad Securities Corp.
6/27/01   Interpretive Letter to Jonathan K. Lagemann, Esq., Law Offices of Jonathan Kord Lagemann
3/8/01   Interpretive Letter to Jay Adams Knight, Esq., Musick, Peeler & Garrett LLP
9/27/00   Interpretive Letter to Kathleen A. Wieland, William Blair & Company
5/31/00   Interpretive Letter to Michael R. Miller, Esq., Kunkel Miller & Hament
1/18/00   Interpretive Letter to Gordon C. Ogden, III, Profinancial, Inc.
1/29/99   Interpretive Letter to Trish Stone-Damen, Investors Retirement & Management Company, Inc.
12/9/98   Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company
12/7/98   Interpretive Letter to Victoria Bach-Fink, Wall Street Financial Group
9/16/98   Interpretive Letter to Brian C. Underwood, A.G. Edwards & Sons, Inc.
6/18/98   Interpretive Letter to Daniel Schloendorn, Willkie Farr & Gallagher
9/25/97   Interpretive Letter to David M. Katz, Sidley & Austin
8/20/97   Interpretive Letter to Peter D. Koffler, Twenty-First Securities Corporation
4/11/97   Interpretive Letter to Name Not Public
 

NASD IM-2420-2 - Continuing Commissions Policy

11/27/12   Interpretive Letter to Name Not Public
2/4/02   Interpretive Letter to Ted. A. Troutman, Esquire, Muir & Troutman
8/9/01   Interpretive Letter to Joe Tully, Commonwealth Financial Network
5/25/01   Interpretive Letter to Name Not Public
1/21/00   Interpretive Letter to Peter D. Koffler, Esq., Twenty-First Securities Corporation
12/9/98   Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company
12/23/96   Interpretive Letter to Name Not Public
11/20/96   Interpretive Letter to Name Not Public
 

NASD Rule 2440 - Fair Prices and Commissions

1/23/01   Interpretive Letter to Isaac Schlesinger, Bishop, Rosen & Co., Inc.
5/2/96   Interpretive Letter to Name Not Public
 

NASD Rule 2460 - Payments for Market Making

10/6/06   Interpretive Letter to Alan M. Wolper, Esq., Sutherland Asbill & Brennan LLP
 

NASD Rule 2510 - Discretionary Accounts

5/15/08   FINRA Office of General Counsel
3/17/05   Interpretive Letter to Tamara K. Salmon, Investment Company Institute
1/26/05   Interpretive Letter to George T. Simon, Foley & Lardner, LLP
2/3/03   Interpretive Letter to Marc. A. Cohn, Metropolitan Life Insurance Company
 

NASD Rule 2710 - Corporate Financing Rule

8/1/06   Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association
6/18/98   Interpretive Letter to Daniel Schloendorn, Willkie Farr & Gallagher
 

NASD Rule 2711 - Research Analysts and Research Reports

4/28/14   Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP
2/8/13   Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP
8/20/04   Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc.
 

NASD Rule 2720 - Distribution of Securities of Members and Affiliates - Conflicts of Interest

8/1/06   Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association
 

NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances

11/24/03   Interpretive Letter to Dana Fleischman, Esq., Cleary, Gottlieb, Steen & Hamilton
12/9/97   Interpretive Letter to Lee A. Pickard, Pickard and Djinis
11/15/96   Interpretive Letter to Name Not Public
12/22/88   Interpretive Letter to Name Not Public
 

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

8/6/04   NASD Office of General Counsel, Regulatory Policy and Oversight
6/1/04   Interpretive Letter to Dana G. Fleischman
2/17/04   Interpretive Letter to Tom Fleming, Dealogic
 

NASD Rule 2820 - Variable Contracts of an Insurance Company

2/3/03   Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C.
2/3/03   Interpretive Letter to Marilyn A. Sponzo, Jordan Burt
10/14/02   Interpretive Letter to Janet Gallo, Acacia Life Insurance Company
3/7/01   Interpretive Letter to Name Not Public
10/12/00   Interpretive Letter to Eric A. Arnold, Esq., Sutherland Asbill & Brennan LLP
4/3/00   Interpretive Letter to Michael L. Kerley, Esq., MML Investors Services, Inc.
10/29/99   Interpretive Letter to Robert E. Lee, Counsel, P&A Administrative Services, Inc.
5/20/99   Interpretive Letter to Harley Whitfield, American Equity Capital, Inc.
3/31/99   Interpretive Letter to Robert B. Saginaw, Counsel, ReliaStar Financial Corp.
 

NASD Rule 2830 - Investment Company Securities

9/28/06   Interpretive Letter to Steven K. McGinnis, Loring Ward Securities, Inc.
8/14/06   NASD Office of General Counsel, Regulatory Policy and Oversight
9/29/03   Interpretive Letter to Sarah A. Bessin, Esq., Shearman & Sterling LLP
2/3/03   Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C.
2/3/03   Interpretive Letter to Suart M. Strauss, Esq., Mayer, Brown, Rowe & Maw
10/30/02   Interpretive Letter to Kathleen H. Moriarty, Esq., Carter, Ledyard & Milburn
6/18/01   Interpretive Letter to Philip J. Fina, Esq., Kirkpatrick & Lockhart LLP
3/7/01   Interpretive Letter to Name Not Public
1/16/01   Interpretive Letter to Stuart M. Strauss, Esq., Mayer, Brown & Platt
11/18/99   Interpretive Letter to Name Not Public
9/9/99   Interpretive Letter to Robert L. Winston, American Funds Distributors, Inc.
12/7/98   Interpretive Letter to Elaine S. Moshe, Gordon Altman Butowsky Weitzen
 

NASD Rule 2860 - Options

2/17/99   Interpretive Letter to Name Not Public
2/24/93   Interpretive Letter to Name Not Public
 

NASD Rule 3010 - Supervision

2/5/13   Interpretive Letter to S. Kendrick Dunn, Pacific Select Distributors, Inc.
11/30/06   Interpretive Letter to Evan Charkes, Citigroup Global Markets, Inc.
11/26/01   Interpretive Letter to Name Not Public
6/4/01   Interpretive Letter to Lena M. Stinson, Stanford Group Company
12/17/99   Interpretive Letter to Yoon-Young Lee, Wilmer, Cutler & Pickering
3/17/98   Interpretive Letter to Franklin I. Ogele, Esq., Singer Zamansky LLP
11/26/97   Interpretive Letter to Laura Moret, American Express Financial Corporation
4/11/97   Interpretive Letter to Name Not Public
8/13/96   Interpretive Letter to Name Not Public
8/9/96   Interpretive Letter to Name Not Public
 

NASD Rule 3030 - Outside Business Activities of an Association Person

3/1/02   Interpretive Letter to Frank Almeida, Quality of Life Settlements
12/6/01   Interpretive Letter to Sheryl Anne Zuckerman, Esq., Singer Frumento LLP
12/23/99   Interpretive Letter to R. Bruce Hughes, Access Mortgage Services, Inc.
10/27/97   Interpretive Letter to Paul D. Coury, The Coury Financial Group
7/30/97   Interpretive Letter to Webster E. Janssen, Janssen Financial Services
9/15/94   Interpretive Letter to Name Not Public
 

NASD Rule 3040 - Private Securities Transactions of an Associated Person

11/4/02   Interpretive Letter to Donna B. Lawson, First Allied Securities, Inc.
10/27/97   Interpretive Letter to Paul D. Coury, The Coury Financial Group
8/4/97   Interpretive Letter to Name Not Public
12/16/96   Interpretive Letter to Name Not Public
7/23/96   Interpretive Letter to Name Not Public
9/27/94   Interpretive Letter to Name Not Public
8/5/94   Interpretive Letter to Name Not Public
 

NASD Rule 3060 - Influencing or Rewarding Employees of Others

12/17/07   Interpretive Letter to Amal Aly, SIFMA (Reasonable and Customary Bereavement Gifts)
3/15/01   Interpretive Letter to Charles Wiegert, NFP Securities
6/24/99   Interpretive Letter to Henry H. Hopkins and Sarah McCafferty, T. Rowe Price Investment Services, Inc.
 

NASD Rule 3070 - Reporting Requirements

1/2/02   Interpretive Letter to Name Not Public
5/28/96   Interpretive Letter to Name Not Public
5/28/96   Interpretive Letter to Name Not Public
 

NASD Rule 3110 - Books and Records

3/17/05   Interpretive Letter to Tamara K. Salmon, Investment Company Institute
6/4/02   Interpretive Letter to Selwyn Notelovitz, Global Compliance
7/5/01   Interpretive Letter to Jeffrey W. Kilduff, Esq., O'Melveny & Myers, LLP
11/27/00   Interpretive Letter to Angela Coronado, Brecek & Young Advisors, Inc.
8/4/00   Interpretive Letter to Alan Feldstein, Esq., Development Corporation for Israel
7/24/00   Interpretive Letter to Fiona Kaufman, Esq., SVB Securities, Inc.
6/15/00   Interpretive Letter to Steven F. Gatti, Esq., Clifford, Chance, Rogers & Wells
10/26/99   Interpretive Letter to James A. Ricketts, Ameritrade, Inc.
11/26/97   Interpretive Letter to Laura Moret, American Express Financial Corporation
11/1/95   Interpretive Letter to Name Not Public
 

NASD IM-3310 - Manipulative and Deceptive Quotations

8/29/97   Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius
 

NASD Rule 3220 - Adjustment of Open Orders

5/15/01   Interpretive Letter to Charles Freund, Brown Brothers Harriman
 

NASD Rule 3230 - Clearing Agreements

8/7/01   Interpretive Letter to Bob E. Lehman, Esq., Lehman & Eilen LLP
7/23/99   Interpretive Letter to Name Not Public
 

NASD Rule 3350 - Short Sale Rule

2/8/99   Interpretive Letter to Roger D. Blanc, Esq., Willkie Farr & Gallagher
 

NASD Rule 3370 - Prompt Receipt and Delivery of Securities

5/25/01   Interpretive Letter to Name Not Public
4/27/01   Interpretive Letter to Name Not Public
6/20/00   Interpretive Letter to Robinson Markel, Esq., Rosenman & Colin, LLP
1/18/00   Interpretive Letter to Michael T. Dorsey, Knight Securities, L.P.
9/18/96   Interpretive Letter to Name Not Public
7/26/95   Interpretive Letter to Richard Lewandowski, The Options Exchange