SR-NASD-2002-015

Default Procedures for Claims against Terminated Members and Associated Persons

The NASD, through its wholly owned subsidiary, NASD Dispute Resolution, Inc., has filed with the SEC a proposed rule change to the NASD Code of Arbitration Procedure to provide default procedures for situations in which a suspended, terminated or otherwise defunct member or associated person fails to answer or participate in an arbitration proceeding, and the claimant nevertheless elects to pursue arbitration.