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
Jun 4, 2002 Interpretive Letter to Selwyn Notelovitz, Global Compliance Conduct Rules NASD Rule 3110 - Books and Records
May 15, 2001 Interpretive Letter to Charles Freund, Brown Brothers Harriman Conduct Rules NASD Rule 3220 - Adjustment of Open Orders
Aug 7, 2001 Interpretive Letter to Bob E. Lehman, Esq., Lehman & Eilen LLP Conduct Rules NASD Rule 3230 - Clearing Agreements
Jul 23, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3230 - Clearing Agreements
Feb 8, 1999 Interpretive Letter to Roger D. Blanc, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 3350 - Short Sale Rule
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Apr 27, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Jun 20, 2000 Interpretive Letter to Robinson Markel, Esq., Rosenman & Colin, LLP Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Jan 18, 2000 Interpretive Letter to Michael T. Dorsey, Knight Securities, L.P. Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Sep 18, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Jul 26, 1995 Interpretive Letter to Richard Lewandowski, The Options Exchange Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Mar 8, 1999 Interpretive Letter to Robert H. Stanley, B-Trade Services Marketplace Rules NASD Rule 6150 - ACT Risk Management Functions
Jul 11, 2003 Interpretive Letter to Mustafa Fazel, National Financial Services, LLC Marketplace Rules NASD Rule 6200 Series - Trade Reporting and Compliance Engine (TRACE)
May 19, 2003 Interpretive Letter to James Hermann, William Blair & Company, LLC Marketplace Rules NASD Rule 6200 Series - Trade Reporting and Compliance Engine (TRACE)
Mar 17, 2003 Interpretive Letter to Alice Yau, J.P. Morgan Securities, Inc. Marketplace Rules NASD Rule 6200 Series - Trade Reporting and Compliance Engine (TRACE)
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)
Dec 17, 1999 Interpretive Letter to Merrill E. Weber, Red Oak Financial Corporation Marketplace Rules NASD Rule 6500 Series - OTC Bulletin Board Service
Aug 2, 2001 Interpretive Letter to Conrad C. Lysiak, Esq., Metropolitan Financial Center Procedural Rules NASD Rule 8300 Series - Sanctions
Jul 30, 1998 Interpretive Letter to Charles R. Hood, Instinet Corporation Marketplace Rules NASD Rules 6950-6957 (OATS)
Apr 3, 2003 Interpretive Letter to Adam Zentner, Credit Suisse First Boston (Europe) Limited Marketplace Rules NASD Rules 6950-6957 (OATS)
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)

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