On November 14, 2003, the Securities and Exchange Commission (SEC) approved amendments to Rule 3370 (Prompt Receipt and Delivery of Securities—the “affirmative determination requirements”) that expand the scope of the affirmative determination requirements to include orders from non-member broker-dealers. On February 18, 2004, NASD delayed the effective date of these amendments to April 1, 2004, to provide additional time to permit members to make technological changes to their systems to comply with the new requirements. In this Notice, NASD staff is providing additional guidance to assist members in their implementation of the new amendments.
Questions concerning this Notice may be directed to Gary L. Goldsholle, Associate Vice President and Associate General Counsel, Regulatory Policy and Oversight (RPO), at (202) 728-8104; or Patricia M. Albrecht, Assistant General Counsel, RPO, (202) 728-8026.
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