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.

Datesort descending Title Type Related Rule / Topic
Apr 27, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
May 15, 2001 Interpretive Letter to Charles Freund, Brown Brothers Harriman Conduct Rules NASD Rule 3220 - Adjustment of Open Orders
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jun 4, 2001 Interpretive Letter to Lena M. Stinson, Stanford Group Company Conduct Rules NASD Rule 3010 - Supervision
Jun 6, 2001 Interpretive Letter to Newton B. Schott, Jr., PIMCO Funds Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Jun 18, 2001 Interpretive Letter to Philip J. Fina, Esq., Kirkpatrick & Lockhart LLP Conduct Rules NASD Rule 2830 - Investment Company Securities
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
Jul 5, 2001 Interpretive Letter to Jeffrey W. Kilduff, Esq., O'Melveny & Myers, LLP Conduct Rules NASD Rule 3110 - Books and Records
Jul 18, 2001 Interpretive Letter to Joe Morkos-Doueihi, J.P. Morgan Securities, Inc. Membership and Registration Rules NASD Rule 1100 - Foreign Associates
Aug 2, 2001 Interpretive Letter to Conrad C. Lysiak, Esq., Metropolitan Financial Center Procedural Rules NASD Rule 8300 Series - Sanctions
Aug 7, 2001 Interpretive Letter to Name Not Public By-Laws Article V, Section 2 - Application for Registration
Aug 7, 2001 Interpretive Letter to Bob E. Lehman, Esq., Lehman & Eilen LLP Conduct Rules NASD Rule 3230 - Clearing Agreements
Aug 9, 2001 Interpretive Letter to Joe Tully, Commonwealth Financial Network Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Sep 5, 2001 Interpretive Letter to Donald H. Meiers, Holland & Knight, LLP Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Sep 6, 2001 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Sep 25, 2001 Interpretive Letter to David A. Genelly, Esq., Vanasco Genelly & MIller Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Sep 27, 2001 Interpretive Letter to Elliott R. Curzon, Esq., Dechert Price & Rhoads Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Oct 2, 2001 Interpretive Letter to Kevin L. Palmer, WMA Securities, Inc. Membership and Registration Rules NASD Rule 1120 - Continuing Education Requirements
Oct 15, 2001 Interpretive Letter to Mark W. Bolle, Raymond James Financial Services, Inc. Uniform Practice Code NASD Rule 11200 Series
Nov 26, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Dec 6, 2001 Interpretive Letter to Sheryl Anne Zuckerman, Esq., Singer Frumento LLP Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person
Jan 2, 2002 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3070 - Reporting Requirements
Jan 28, 2002 Interpretive Letter to Forrest R. Foss, T. Rowe Price Associates, Inc. Conduct Rules NASD Rule 2210 - Communications with the Public
Feb 4, 2002 Interpretive Letter to Ted. A. Troutman, Esquire, Muir & Troutman Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy

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