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Notices
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NASD Notice to Members 98-052 - July 1998 |
SEC Approves Taping Rule; Effective August 17, 1998Executive Summary
On April 17, 1998, in Release No. 34-39883, the Securities and Exchange Commission (SEC) approved an amendment to National Association of Securities Dealers, Inc. (NASD®) Rule 3010 to require members to establish special supervisory procedures, including the tape recording of conversations, when they have hired more than a specified percentage of registered persons from certain firms that have been expelled or that have had their broker/dealer registrations revoked for violations of sales practice rules (the Taping Rule or Rule). The new Rule will be effective on August 17, 1998. The text of the new Rule and the Federal Register version of the SEC release are attached.
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