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 Titlesort descending Type Related Rule / Topic
Jul 5, 2001 Interpretive Letter to Jeffrey W. Kilduff, Esq., O'Melveny & Myers, LLP Conduct Rules NASD Rule 3110 - Books and Records
Apr 2, 2003 Interpretive Letter to Jess Haberman, royalblue financial corporation 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)
Apr 16, 2018 Interpretive letter to Joan E. Boros, Esq., Stradley Ronon Stevens & Young, LLP Conduct Rules FINRA Rule 2210 - Communications with the Public
Jul 19, 2000 Interpretive Letter to Joanne Ferrari, Weeden & Co., L.P. Membership and Registration Rules NASD Rule 1040 Series - Assistant Representative - Order Processing
Jul 18, 2001 Interpretive Letter to Joe Morkos-Doueihi, J.P. Morgan Securities, Inc. Membership and Registration Rules NASD Rule 1100 - Foreign Associates
Aug 9, 2001 Interpretive Letter to Joe Tully, Commonwealth Financial Network Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
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
Apr 9, 1998 Interpretive Letter to Joseph McLaughlin, Brown & Wood Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
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
Apr 22, 1998 Interpretive Letter to Karen A. Steighner, Brokerage Administrator Corporation Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Dec 23, 1999 Interpretive Letter to Karen A. Steighner, Brokerage Administrators Corporation (includes attached incoming letter) Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Jan 27, 1999 Interpretive Letter to Karin Wolman, Esq., Wilders & Weinberg, P.C. (Research Personnel) Membership and Registration Rules NASD Licensing In General
Sep 27, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jul 5, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company, L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Oct 29, 2002 Interpretive Letter to Kathleen H. Moriarty, Esq., Carter, Ledyard & Milburn Conduct Rules NASD Rule 2830 - Investment Company Securities
Jul 2, 1998 Interpretive Letter to Kenneth E. Leopold, Neuberger & Berman, LLC Marketplace Rules NASD Rules 6950-6957 (OATS)
Oct 2, 2001 Interpretive Letter to Kevin L. Palmer, WMA Securities, Inc. Membership and Registration Rules NASD Rule 1120 - Continuing Education Requirements
Mar 18, 2001 Interpretive Letter to Klia Ververidis, Esq., AssetStream Corporation Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
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
Nov 26, 1997 Interpretive Letter to Laura Moret, American Express Financial Corporation Conduct Rules NASD Rule 3110 - Books and Records
Nov 26, 1997 Interpretive Letter to Laura Moret, American Express Financial Corporation Conduct Rules NASD Rule 3010 - Supervision
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
Dec 9, 1997 Interpretive Letter to Lee A. Pickard, Pickard and Djinis Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Jun 4, 2001 Interpretive Letter to Lena M. Stinson, Stanford Group Company Conduct Rules NASD Rule 3010 - Supervision

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