NASD Regulation, Inc. (NASD RegulationSM) has received a number of inquiries regarding the registration category for representatives who trade equity securities in The Nasdaq Stock Market® (Nasdaq®) and/or over-the-counter (Series 55). The purpose of this Notice to Members is to revise NASD Regulation’s position regarding the scope of the Series 55 registration requirement. Previously, NASD Regulation took the position that any associated person who makes trading decisions that place a firm’s capital at risk needs to be registered under Series 55. In this Notice to Members, NASD Regulation is announcing that such decision-makers only need the Series 55 registration if they also are involved in the execution or processing of trades.
Questions regarding this Notice may be directed to Carole Hartzog, Assistant Director, Member Regulation, Testing and Continuing Education, NASD Regulation, at (301) 590-6696; or Eric Moss, Assistant General Counsel, Office of General Counsel, NASD Regulation, at (202) 728-8982.
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