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
Dec 22, 1988 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Jun 6, 2001 Interpretive Letter to Newton B. Schott, Jr., PIMCO Funds Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Feb 3, 2003 Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Feb 3, 2003 Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C. Conduct Rules NASD Rule 2830 - Investment Company Securities
Oct 26, 1997 Interpretive Letter to Paul D. Coury, The Coury Financial Group Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person
Jan 23, 1997 Interpretive Letter to Paul Saltzman, PSA Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
Jan 21, 2000 Interpretive Letter to Peter D. Koffler, Esq., Twenty-First Securities Corporation Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Aug 20, 1997 Interpretive Letter to Peter D. Koffler, Twenty-First Securities Corporation Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jun 18, 2001 Interpretive Letter to Philip J. Fina, Esq., Kirkpatrick & Lockhart LLP Conduct Rules NASD Rule 2830 - Investment Company Securities
Dec 23, 1999 Interpretive Letter to R. Bruce Hughes, Access Mortgage Services, Inc. Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person
Dec 12, 2002 Interpretive Letter to R. Cromwell Coulson, Pink Sheets LLC Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Jan 19, 2001 Interpretive Letter to Richard Bennett, Signal Securities, Inc. Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Jul 26, 1995 Interpretive Letter to Richard Lewandowski, The Options Exchange Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Dec 28, 2007 Interpretive Letter to Richard Schultz, Triad Securities Corp. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Mar 30, 1999 Interpretive Letter to Robert B. Saginaw, Counsel, ReliaStar Financial Corp. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
May 29, 2003 Interpretive Letter to Robert C. Hacker, Esq., Kirkpatrick & Lockhart, LLP Conduct Rules NASD Rule 2210 - Communications with the Public
Oct 29, 1999 Interpretive Letter to Robert E. Lee, Counsel, P&A Administrative Services, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Mar 8, 1999 Interpretive Letter to Robert H. Stanley, B-Trade Services Marketplace Rules NASD Rule 6150 - ACT Risk Management Functions
Sep 9, 1999 Interpretive Letter to Robert L. Winston, American Funds Distributors, Inc. Conduct Rules NASD Rule 2830 - Investment Company Securities
Jun 20, 2000 Interpretive Letter to Robinson Markel, Esq., Rosenman & Colin, LLP Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Feb 8, 1999 Interpretive Letter to Roger D. Blanc, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 3350 - Short Sale Rule
Apr 28, 2014 Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP Conduct Rules NASD Rule 2711 - Research Analysts and Research Reports
Feb 5, 2013 Interpretive Letter to S. Kendrick Dunn, Pacific Select Distributors, Inc. Conduct Rules NASD Rule 3010 - Supervision
May 11, 1998 Interpretive Letter to Sandra M. Ng, Gruntal & Co., L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Sep 29, 2003 Interpretive Letter to Sarah A. Bessin, Esq., Shearman & Sterling LLP Conduct Rules NASD Rule 2830 - Investment Company Securities

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