NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend NASD Rule 3011 and adopt new related interpretive material ("IM"), specifically IM-3011-1 and IM-3011-2. Proposed amendments to Rule 3011 would require each member to conduct the independent test of its anti-money laundering program on an annual basis, with the exception of certain types of firms, which would be allowed to test every two years. Proposed IM-3011-1 would clarify the persons not considered to be independent for purposes of Rule 3011(c), and therefore not eligible to conduct the test. Proposed IM-3011-2 would require a member to review and update, if necessary, the accuracy of the member's anti-money laundering compliance person information on a quarterly basis.
| Text of Proposed Rule Change | (PDF 79 KB) |
| Federal Register Notice | (PDF 61 KB) |
| Response to Comments | (PDF 319 KB) |
| Amendment No. 1 to Proposed Rule Change | (PDF 130 KB) |
| Approval Order | (PDF 60 KB) |