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
Apr 11, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Mar 7, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2830 - Investment Company Securities
Nov 18, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2830 - Investment Company Securities
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Feb 17, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2860 - Options
Feb 24, 1993 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2860 - Options
Nov 26, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Dec 23, 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
Nov 20, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Feb 19, 1997 Interpretive Letter to Name Not Public Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
May 2, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2440 - Fair Prices and Commissions
Nov 27, 1995 Interpretive Letter to Name Not Public Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Apr 27, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
May 18, 1993 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Apr 11, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Nov 13, 1990 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Aug 13, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Aug 9, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Sep 18, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Mar 4, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Nov 15, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Dec 22, 1988 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Jul 23, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3230 - Clearing Agreements

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