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
Sep 28, 1999 Interpretive Letter to Gerald L. Fishman, Esq., Wolin & Rosen By-Laws Article III, Section 4 - Definition of Disqualification
Sep 28, 2000 Interpretive Letter to Leslie U. Harris, East/West Securities Co. By-Laws Article IV, Section 2 - Similarity of Membership Names
Aug 7, 2001 Interpretive Letter to Name Not Public By-Laws Article V, Section 2 - Application for Registration
May 15, 2001 Interpretive Letter to Charles Freund, Brown Brothers Harriman Conduct Rules NASD Rule 3220 - Adjustment of Open Orders
Jun 2, 2006 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Sep 27, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Sep 27, 1994 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Jul 5, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company, L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Nov 8, 2004 NASD Office of General Counsel, Regulatory Policy and Oversight Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
May 18, 1993 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Mar 16, 1998 Interpretive Letter to Franklin I. Ogele, Esq., Singer Zamansky LLP Conduct Rules NASD Rule 3010 - Supervision
Jan 2, 2002 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3070 - Reporting Requirements
Apr 3, 2000 Interpretive Letter to Michael L. Kerley, Esq., MML Investors Services, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
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
Nov 27, 2012 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
Jan 23, 2001 Interpretive Letter to Isaac Schlesinger, Bishop, Rosen & Co., Inc. Conduct Rules NASD Rule 2440 - Fair Prices and Commissions
Aug 29, 1997 Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius Conduct Rules NASD IM-3310 - Manipulative and Deceptive Quotations
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
May 31, 2000 Interpretive Letter to Michael R. Miller, Esq., Kunkel Miller & Hament Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Aug 5, 1994 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Feb 5, 1999 Interpretive Letter to W. Thomas Conner, National Association for Variable Annuities Conduct Rules NASD Rule 2210 - Communications with the Public
Sep 30, 2002 Interpretive Letter to Susan S. Krawczyk, Esq., Sutherland Asbill & Brennan LLP Conduct Rules NASD Rule 2210 - Communications with the Public
Nov 13, 1990 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Nov 26, 1997 Interpretive Letter to Laura Moret, American Express Financial Corporation Conduct Rules NASD Rule 3010 - Supervision

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