NASD Notice to Members 06-11 - March 2006

SEC Approves Amendment to NASD Interpretive Material 3013 Regarding Timing of Submission of Report that Evidences Processes to a Member's Board of Directors and Audit Committee; Effective Date: March 17, 2006

Executive Summary

The Securities and Exchange Commission (SEC) has approved an amendment to Interpretive Material 3013 (IM-3013) to establish the timing with respect to the requirement to submit to the member's board of directors and audit committee (or equivalent bodies) a report that evidences certain processes that form the basis of a certification by the Chief Executive Officer (CEO) under Rule 3013.1 The rule change permits submission of the final report to these governing bodies to take place either before or after the execution of the certification, provided that the board of directors and audit committee (or equivalent bodies) receive the report at the earlier of their next scheduled meetings or within 45 days after execution of the certification. The rule change became effective upon SEC approval on March 17, 2006.

 

Questions concerning this Notice may be directed to Philip Shaikun, Associate Vice President and Associate General Counsel, Office of General Counsel, Regulatory Policy and Oversight, at (202) 728-8451.

 

1 Exchange Act Release No. 53509 (March 17,2006) (SR-NASD-2006-036).