NASD Notice to Members 03-56 - September 2003

Rule Amendments to Require Member Applicants to File Forms U4 Electronically; Operative Date: October 27, 2003

Executive Summary

NASD has amended Rule 1013 (New Member Application and Interview) to eliminate the requirement that new member applicants include in their membership applications signed, paper Forms U4 for their proposed associated persons. Rule 1013, as amended, requires new member applicants to file these Forms U4 electronically. NASD also has amended Rule 1140 (Electronic Filing Rules) to require new member applicants to follow the same procedures members must follow when making electronic Form U4 filings. The approved rule changes also make certain technical changes to Rules 1013 and 1140. Questions and answers explaining how members should comply with the amendments are included in Attachment A. The amendments are included with this Notice as Attachment B. The amendments to Rules 1013 and 1140 were filed with the Securities and Exchange Commission for immediate effectiveness on August 28, 2003; the amendments, however, do not become operative until October 27, 2003.

 

Questions concerning this Notice may be directed to the Office of General Counsel, NASD Regulatory Policy and Oversight: Patricia Albrecht, Assistant General Counsel, (202) 728-8026.