Interpretive Letters

All interpretive positions are staff position, unless otherwise indicated. Staff-issued interpretive letters express staff views and opinions only and are not binding on FINRA and its Board; any representation to the contrary is expressly disclaimed.

The letters provide general guidance on the staff's views as to the application of particular NASD rules under specific circumstance.

Members, associated persons, and their counsel should consider seeking further guidance regarding their own unique circumstances.

Date Title Typesort descending Related Rule / Topic
Jan 18, 2000 Interpretive Letter to Michael T. Dorsey, Knight Securities, L.P. Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Aug 31, 2000 Interpretive Letter to Thomas E. Hellings, Securities America, Inc. Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Aug 9, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Nov 10, 2004 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Jul 3, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2110-2 - Trading Ahead of Customer Limit Order
Feb 3, 2003 Interpretive Letter to Suart M. Strauss, Esq., Mayer, Brown, Rowe & Maw Conduct Rules NASD Rule 2830 - Investment Company Securities
Feb 3, 2003 Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C. Conduct Rules NASD Rule 2830 - Investment Company Securities
Nov 24, 2003 Interpretive Letter to Dana Fleischman, Esq., Cleary, Gottlieb, Steen & Hamilton Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Apr 28, 2014 Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP Conduct Rules NASD Rule 2711 - Research Analysts and Research Reports
Sep 16, 1998 Interpretive Letter to Brian C. Underwood, A.G. Edwards & Sons, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
May 28, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3070 - Reporting Requirements
Dec 17, 2007 Interpretive Letter to Amal Aly, SIFMA (Reasonable and Customary Bereavement Gifts) Conduct Rules NASD Rule 3060 - Influencing or Rewarding Employees of Others
Sep 18, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Mar 4, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Mar 1, 2002 Interpretive Letter to Frank Almeida, Quality of Life Settlements Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person
Feb 3, 2005 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Aug 29, 1997 Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius Conduct Rules NASD Rule 2120 - Use of Manipulative, Deceptive, or Other Fraudulent Devices
Oct 29, 2002 Interpretive Letter to Kathleen H. Moriarty, Esq., Carter, Ledyard & Milburn Conduct Rules NASD Rule 2830 - Investment Company Securities
Jul 24, 2000 Interpretive Letter to Fiona Kaufman, Esq., SVB Securities, Inc. Conduct Rules NASD Rule 3110 - Books and Records
Dec 19, 2007 Interpretive Letter to Mr. Julian Rainero, Bracewell & Giuliani LLP Marketplace Rules NASD Rules 6950-6957 (OATS)
Apr 2, 2003 Interpretive Letter to Jess Haberman, royalblue financial corporation Marketplace Rules NASD Rules 6950-6957 (OATS)
Feb 26, 2002 Interpretive Letter to Christian M. Camerino, ABN AMRO Securities, LLC Marketplace Rules NASD Rules 6950-6957 (OATS)
Mar 8, 1999 Interpretive Letter to Jess L. Haberman, Automated Securities Clearance, Ltd. Marketplace Rules NASD Rules 6950-6957 (OATS)
Jan 6, 1999 Interpretive Letter to Jack Hodges, William O'Neil + Co, Inc. Marketplace Rules NASD Rules 6950-6957 (OATS)
May 28, 2008 Interpretive Letter to Mr. Julian Rainero, Bracewell & Giuliani LLP Marketplace Rules NASD Rules 6950-6957 (OATS)

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