In 1993, NASD established the Minor Rule Violation Plan (MRVP or the Plan) to provide NASD with a process for imposing meaningful sanctions for rule violations that may not warrant the initiation of a full disciplinary proceeding. The MRVP provides an efficient alternative means by which to deter violations of rules while maintaining procedural rights for disciplined persons.
NASD is publishing this Notice to provide interested parties with guidance concerning the application of NASD’s MRVP to each of the rules under the Plan, as specified in NASD IM-9216. This guidance includes identifying the factors to be considered in determining whether to dispose of an action under the MRVP and discussing the appropriate levels for fines. These factors are intended to provide guidance only and, depending on the facts and circumstances of each matter, it may be appropriate to deviate from the suggested disposition and fines.
The NASD MRVP Guidelines are included in Attachment A.
Questions concerning this Notice may be directed to Carla Carloni, Associate General Counsel, Office of General Counsel, Regulatory Policy and Oversight (OGC RPO), at (202) 728-8019; or Shirley Weiss, Associate General Counsel, OGC RPO, at (202) 728-8844.
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