Special NASD Notice to Members 97-55 - August 1997

New Membership Application Rules, New Code of Procedure, and Other New Disciplinary Rules

Executive Summary

On April 18, 1997, the National Association of Securities Dealers, Inc. (NASD®) proposed to the Securities and Exchange Commission (SEC or Commission) SR-NASD-97-28, a rule filing containing proposed rules relating to membership application procedures; disciplinary proceedings; and procedures used to determine eligibility questions, impose limitations on the operations of members, impose summary suspensions, non-summary suspensions, cancellations, or bars, and adjudicate denials of access (Rules).1 The Commission approved the Rules on August 7, 1997.2