The National Association of Securities Dealers, Inc. (NASD®) Uniform Practice Code (UPC) governs, among other things, the designation of "ex-dividend dates" (ex-dates) for securities. The ex-date is the date on or after which a security is traded without a specific dividend or distribution. Under NASD rules, there are two different methods used to determine the ex-date of a security, depending upon the size of the dividend or distribution. This Notice reviews differences in the way ex-dates are determined and cautions members and their associated persons to be cognizant of these differences when providing ex-date information to customers.
Questions or comments concerning this Notice may be directed to Dorothy L. Kennedy, Director, Market Operations, The Nasdaq Stock Market, Inc. (The Nasdaq Stock Market®), at (203) 385-6243; and Shirley Weiss, Associate General Counsel, Office of General Counsel, NASD Regulation, Inc. (NASD RegulationSM), at (202) 728-8844.
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