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
Jul 30, 1998 Interpretive Letter to Charles R. Hood, Instinet Corporation Marketplace Rules NASD Rules 6950-6957 (OATS)
Nov 13, 2002 Interpretive Letter to Dennis C. Hensley, Sidley Austin Brown and Wood LLP Marketplace Rules NASD Rule 6200 Series - Trade Reporting and Compliance Engine (TRACE)
Nov 13, 2002 Interpretive Letter to Danny Ho, Commerzbank Securities Marketplace Rules NASD Rule 6200 Series - Trade Reporting and Compliance Engine (TRACE)
May 21, 2010 Interpretive Letter to Claudia Crowley, NYSE Regulation, Inc. Marketplace Rules FINRA Rules 7410-7470 (OATS)
Dec 17, 1999 Interpretive Letter to Merrill E. Weber, Red Oak Financial Corporation Marketplace Rules NASD Rule 6500 Series - OTC Bulletin Board Service
Apr 3, 2003 Interpretive Letter to Adam Zentner, Credit Suisse First Boston (Europe) Limited 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)
Oct 26, 1998 Interpretive Letter to Jack Hodges, William O'Neil + Co, Inc. Marketplace Rules NASD Rules 6950-6957 (OATS)
Jul 17, 1998 Interpretive Letter to Name Not Public Marketplace Rules NASD Rules 6950-6957 (OATS)
Jul 2, 1998 Interpretive Letter to Kenneth E. Leopold, Neuberger & Berman, LLC Marketplace Rules NASD Rules 6950-6957 (OATS)
Mar 26, 2010 Interpretive Letter to William D. Edick, Pickard and Djinis LLP Marketplace Rules FINRA Rules 7410-7470 (OATS)
Oct 2, 2000 Interpretive Letter to Allan H. Pessin, Securities Compliance Consultants Inc. Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Dec 1, 2014 Interpretive Letter to Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc. Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Dec 23, 1999 Interpretive Letter to Karen A. Steighner, Brokerage Administrators Corporation (includes attached incoming letter) Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Oct 2, 2000 Interpretive Letter to Janna R. Severance, Esq., Moss & Barnett Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Jan 29, 1998 Interpretive Letter to Francis X. Stone, Esq. Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Aug 5, 2004 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Nov 11, 1999 Interpretive Letter to Andrew Gotfried, Raymond James Financial Services Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Feb 24, 2016 Interpretive Letter to Marc Menchel, Menchel Consulting LLC Membership and Registration Rules NASD Rule 1017 - Application for Approval of Change in Ownership, Control, or Business Operations
Jul 19, 2000 Interpretive Letter to Joanne Ferrari, Weeden & Co., L.P. Membership and Registration Rules NASD Rule 1040 Series - Assistant Representative - Order Processing
Feb 19, 1997 Interpretive Letter to Name Not Public Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
May 27, 1998 Interpretive Letter to Therese Haberle, Charles Schwab Membership and Registration Rules NASD Rule 1040 Series - Assistant Representative - Order Processing

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