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 Type Related Rule / Topicsort descending
Dec 22, 2000 Interpretive Letter to Barbara A. Mallon, Esq., Mallon & Johnson, P.C. Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
May 1, 2003 Interpretive Letter to Michael D. Wolk, Esq., Foley and Lardner (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Feb 3, 2003 Interpretive Letter to Doug Wright, The Investment Center, Inc. (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Feb 3, 2003 Interpretive Letter to Marion A. Kashan, London Pacific Securities, Inc. (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Oct 16, 2000 Interpretive Letter to Justine Rusin, Merit Capital Associates, Inc. (Use of Negative Response Letters) 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
Sep 30, 2002 Interpretive Letter to Susan S. Krawczyk, Esq., Sutherland Asbill & Brennan LLP Conduct Rules NASD Rule 2210 - Communications with the Public
Sep 14, 2004 Interpretive Letter to Budge Collins, Collins/Bay Island Securities Conduct Rules NASD Rule 2210 - Communications with the Public
Nov 29, 2004 Interpretive Letter to Therese Squillacote, ING Financial Advisers, LLC Conduct Rules NASD Rule 2210 - Communications with the Public
Dec 30, 2003 Interpretive Letter to Yukako Kawata, Davis Polk & Wardwell Conduct Rules NASD Rule 2210 - Communications with the Public
Oct 2, 2003 Interpretive Letter to Michael D. Udoff, Securities Industry Association Conduct Rules NASD Rule 2210 - Communications with the Public
May 29, 2003 Interpretive Letter to Robert C. Hacker, Esq., Kirkpatrick & Lockhart, LLP Conduct Rules NASD Rule 2210 - Communications with the Public
Jan 28, 2002 Interpretive Letter to Forrest R. Foss, T. Rowe Price Associates, Inc. Conduct Rules NASD Rule 2210 - Communications with the Public
Jul 5, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company, L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Feb 5, 1999 Interpretive Letter to W. Thomas Conner, National Association for Variable Annuities Conduct Rules NASD Rule 2210 - Communications with the Public
Sep 6, 2007 Interpretive Letter to Tamara K. Salmon, Investment Company Institute Conduct Rules NASD Rule 2210 - Communications with the Public
Jul 30, 1998 Interpretive Letter to Dawn Bond, FSC Securities Corporation Conduct Rules NASD Rule 2210 - Communications with the Public
Sep 28, 2007 Interpretive Letter to Dan Danborn, Society of Certified Senior Advisors Conduct Rules NASD Rule 2210 - Communications with the Public
Jun 8, 1998 Interpretive Letter to Christine A. Edwards, Morgan Stanley Dean Witter & Co. Conduct Rules NASD Rule 2210 - Communications with the Public
May 11, 1998 Interpretive Letter to Sandra M. Ng, Gruntal & Co., L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Nov 11, 1997 Interpretive Letter to Craig S. Tyle, Investment Company Institute Conduct Rules NASD Rule 2210 - Communications with the Public
Dec 17, 1999 Interpretive Letter to Yoon-Young Lee, Wilmer, Cutler & Pickering Conduct Rules NASD Rule 2210 - Communications with the Public
Aug 1, 2006 Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association Conduct Rules NASD Rule 2211 - Institutional Sales Material and Correspondence
Mar 5, 1999 Interpretive Letter to J. Craig Long, Esq., Foley & Lardner Conduct Rules NASD Rule 2220 - Options Communications with the Public
May 18, 1993 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)

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