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 ascending
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
Jan 27, 1999 Interpretive Letter to Karin Wolman, Esq., Wilders & Weinberg, P.C. (Research Personnel) Membership and Registration Rules NASD Licensing In General
Feb 4, 1998 Interpretive Letter to Larry M. Kohn, L.M. Kohn & Company (Series 63 and Commission Overrides) Membership and Registration Rules NASD Licensing In General
Aug 29, 1997 Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius Conduct Rules NASD IM-3310 - Manipulative and Deceptive Quotations
Feb 4, 2002 Interpretive Letter to Ted. A. Troutman, Esquire, Muir & Troutman Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Aug 9, 2001 Interpretive Letter to Joe Tully, Commonwealth Financial Network Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jan 21, 2000 Interpretive Letter to Peter D. Koffler, Esq., Twenty-First Securities Corporation Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Dec 23, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Nov 20, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Nov 27, 2012 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Apr 16, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2110-2 - Trading Ahead of Customer Limit Order
Jul 3, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2110-2 - Trading Ahead of Customer Limit Order
Mar 26, 2010 Interpretive Letter to William D. Edick, Pickard and Djinis LLP Marketplace Rules FINRA Rules 7410-7470 (OATS)
May 21, 2010 Interpretive Letter to Claudia Crowley, NYSE Regulation, Inc. Marketplace Rules FINRA Rules 7410-7470 (OATS)
May 9, 2017 Interpretive Letter to Elliott R. Curzon, Dechert LLP Conduct Rules FINRA Rule 5131 – New Issue Allocations and Distributions
Feb 20, 2015 Interpretive Letter to Gregory J. Nowak, Pepper Hamilton LLP Conduct Rules FINRA Rule 5130 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings
Dec 11, 2017 Interpretive Letter to Lawrence Cohen, Gordon Rees Scully Mansukhani, LLP Conduct Rules FINRA Rule 5130 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings
Apr 22, 2013 Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc. Conduct Rules FINRA Rule 2210 - Communications with the Public
May 12, 2015 Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC Conduct Rules FINRA Rule 2210 - Communications with the Public
Mar 22, 2016 Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group Conduct Rules FINRA Rule 2210 - Communications with the Public
Jun 12, 2017 Interpretive Letter to Clair Pagnano, K&L Gates LLP Conduct Rules FINRA Rule 2210 - Communications with the Public
Apr 16, 2018 Interpretive letter to Joan E. Boros, Esq., Stradley Ronon Stevens & Young, LLP Conduct Rules FINRA Rule 2210 - Communications with the Public
Jan 31, 2019 Interpretive letter to Meredith F. Henning, Foreside Conduct Rules FINRA Rule 2210 - Communications with the Public

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