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
May 18, 1993 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Nov 13, 1990 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Aug 31, 2000 Interpretive Letter to Thomas E. Hellings, Securities America, Inc. Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Mar 4, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Jan 23, 1997 Interpretive Letter to Stuart J. Kaswell, SIA Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Jan 23, 1997 Interpretive Letter to Paul Saltzman, PSA Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Aug 19, 2002 Interpretive Letter to Howard L. Kramer, Schiff Hardin & Waite Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Sep 5, 2001 Interpretive Letter to Donald H. Meiers, Holland & Knight, LLP Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Apr 9, 1998 Interpretive Letter to Joseph McLaughlin, Brown & Wood Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Feb 4, 2004 Interpretive Letter to Martin H. Kaplan, Esq., Gusrae, Kaplan & Bruno, PLLC Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Mar 15, 1999 Interpretive Letter to Martin Miller, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Nov 7, 2003 Interpretive Letter to Harold L. Gladney Conduct Rules NASD Rule 2370 - Borrowing From or Lending to Customers
Jan 18, 2000 Interpretive Letter to Gordon C. Ogden, III, Profinancial, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jan 29, 1999 Interpretive Letter to Trish Stone-Damen, Investors Retirement & Management Company, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Dec 7, 1998 Interpretive Letter to Victoria Bach-Fink, Wall Street Financial Group Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Sep 16, 1998 Interpretive Letter to Brian C. Underwood, A.G. Edwards & Sons, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Sep 25, 1997 Interpretive Letter to David M. Katz, Sidley & Austin Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Aug 20, 1997 Interpretive Letter to Peter D. Koffler, Twenty-First Securities Corporation Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Apr 11, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Dec 28, 2007 Interpretive Letter to Richard Schultz, Triad Securities Corp. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jun 27, 2001 Interpretive Letter to Jonathan K. Lagemann, Esq., Law Offices of Jonathan Kord Lagemann Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Mar 8, 2001 Interpretive Letter to Jay Adams Knight, Esq., Musick, Peeler & Garrett LLP Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Sep 27, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company Conduct Rules NASD Rule 2420 - Dealing with Non-Members
May 31, 2000 Interpretive Letter to Michael R. Miller, Esq., Kunkel Miller & Hament Conduct Rules NASD Rule 2420 - Dealing with Non-Members

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