NASD Notice to Members 96-85 - December 1996

Customer Complaint Reporting Rule Update

Executive Summary

On September 8, 1995, the Securities and Exchange Commission (SEC) approved NASD® Rule 3070 (formerly Article III, Section 50 of the NASD Rules of Fair Practice) (the Rule) for reporting customer complaint information and other specified events to NASD Regulation, Inc. (NASD Regulation). The Rule, which became effective on October 15, 1995, requires members to report to NASD Regulation the occurrence of 10 specified events, as well as quarterly summary statistical information regarding written customer complaints. Quarterly statistical electronic submissions were first due to NASD Regulation on January 15, 1996. (See Special Notice to Members 95-81.)