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Rules Regarding Supervision, Supervisory Control and CEO Certification |
This Web page consolidates resource information regarding Rule 3012 (Supervisory Control System), Rule 3013 (Annual Certification of Compliance and Supervisory Processes) and IM-3013 (Annual Compliance and Supervision Certification), and amendments to Rule 3010 (Supervision). In addition, the resource materials provide information regarding related amendments to Rule 2510 (Discretionary Accounts), Rule 3110 (Books and Records) and IM-3110 (Customer Account Information).
Guidance on Complying with NASD Rules 3012 and 3013 
Rulemaking Activities
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SR-NASD-2007-049 Amendments to NASD Rule 3013 and Accompanying IM-3013 to Permit Members to Designate Co-Chief Executive Officers and Multiple Chief Compliance Officers to Discharge the Requirements of Those Rules (Effective Date - May 16, 2007)
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SR-NASD-2005-084 Amendments to NASD Rule 3012 to Require Members Relying on the "Limited Size and Resources" Exception to Report Electronically to NASD their Reliance on the Exception (Effective Date - February 14, 2006)
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SR-NASD-2005-121 Amendments Regarding Deadlines for Submission of Initial Annual Report Under Rule 3012 and Execution of Initial Annual Certification Under Rule 3013 and IM-3013 (Effective Date - October 14, 2005)
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SR-NASD-2002-162 Proposed Supervisory Control Amendments (Original Effective Date of December 17, 2004 was extended to January 31, 2005)
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SR-NASD-2004-116 Amendments to Supervisory Control and Inspection Procedures Rules (Effective Date - January 31, 2005)
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SR-NASD-2003-176 Chief Executive Officer and Chief Compliance Officer Certification Proposal (Compliance Date - December 1, 2004)
Notices
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NASD Notice to Members 07-32
NASD Amends Rule 3013 and Interpretive Material 3013 to Permit Members to Designate Co-Chief Executive Officers and Multiple Chief Compliance Officers; Compliance Date: July 16, 2007
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NASD Notice to Members 06-11
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
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NASD Notice to Members 06-04
SEC Approves Amendments to NASD Rule 3012 to Require Members Relying on Rule 3012's "Limited Size and Resources" Exception to Notify NASD of their Reliance; Effective Date: February 14, 2006
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NASD Notice to Members 05-75
Amendments Regarding Deadlines for Submission of Initial Annual Report under Rule 3012 and Execution of the Initial Annual Certification under Rule 3013 and IM-3013
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NASD Notice to Members 05-29
Guidance Regarding Rule 3012(a)(1) Requirement to Test and Verify a Member's Supervisory Policies and Procedures
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NASD Notice to Members 05-08
Guidance Regarding the Application of the Supervisory Control Amendments to Members' Securities Activities, Including Members' Institutional Securities Activities
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NASD Notice to Members 04-79
SEC Approves New Chief Executive Officer Compliance Certification and Chief Compliance Officer Designation Requirements; Compliance Date: December 1, 2004
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NASD Notice to Members 04-71
SEC Approves New Rules and Rule Amendments Concerning Supervision and Supervisory Controls; Effective Date January 31, 2005
Additional Guidance
- FINRA Online Workshops: Compliance Education Delivered Directly to Your Desktop
Supervisory Controls • On-Demand Program (live air date: January 17, 2008)
This workshop focuses on NASD Rules 3012 and 3013 covering supervisory control systems and annual certification.
Practices of Small Firms • On-Demand Program (live air date: January 10, 2007)
Topics include supervisory controls, electronic recordkeeping, and anti-money laundering
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Podcast: Understanding Supervisory Controls (June 20, 2006)
This podcast addresses some commonly asked questions about NASD Rule 3012, such as who is considered a producing manager, who can conduct supervisory reviews, the “limited size and resources” exception and principal review.
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Outline of Rule 3012 and Rule 3013 Requirements (May 2, 2006) (PDF 25 KB)
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Call-In Workshop (December 16, 2004)
Transcript of call-in workshop providing interpretive guidance on the Supervisory Control Amendments
Questions
Please contact the Office of General Counsel, Regulatory Policy and Oversight, (202) 728-8071.
This Web page will be updated and amended to reflect any new resource materials relating to the Supervisory Control Amendments or CEO Certification Rule.
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