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 ascending Title Type Related Rule / Topic
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
Oct 26, 1999 Interpretive Letter to James A. Ricketts, Ameritrade, Inc. Conduct Rules NASD Rule 3110 - Books and Records
Sep 28, 1999 Interpretive Letter to Gerald L. Fishman, Esq., Wolin & Rosen By-Laws Article III, Section 4 - Definition of Disqualification
Sep 21, 1999 Interpretive Letter to Cliff Palefsky, Esq., National Employment Lawyers Association Procedural Rules NASD Rule 10301 - Required Submission
Sep 9, 1999 Interpretive Letter to Robert L. Winston, American Funds Distributors, Inc. Conduct Rules NASD Rule 2830 - Investment Company Securities
Jul 23, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3230 - Clearing Agreements
Jun 24, 1999 Interpretive Letter to Henry H. Hopkins and Sarah McCafferty, T. Rowe Price Investment Services, Inc. Conduct Rules NASD Rule 3060 - Influencing or Rewarding Employees of Others
May 20, 1999 Interpretive Letter to Harley Whitfield, American Equity Capital, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Mar 30, 1999 Interpretive Letter to Robert B. Saginaw, Counsel, ReliaStar Financial Corp. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Mar 15, 1999 Interpretive Letter to Martin Miller, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Mar 8, 1999 Interpretive Letter to Robert H. Stanley, B-Trade Services Marketplace Rules NASD Rule 6150 - ACT Risk Management Functions
Mar 8, 1999 Interpretive Letter to Jess L. Haberman, Automated Securities Clearance, Ltd. Marketplace Rules NASD Rules 6950-6957 (OATS)
Mar 5, 1999 Interpretive Letter to J. Craig Long, Esq., Foley & Lardner Conduct Rules NASD Rule 2220 - Options Communications with the Public
Feb 17, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2860 - Options
Feb 8, 1999 Interpretive Letter to Roger D. Blanc, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 3350 - Short Sale Rule
Feb 5, 1999 Interpretive Letter to W. Thomas Conner, National Association for Variable Annuities Conduct Rules NASD Rule 2210 - Communications with the Public
Jan 29, 1999 Interpretive Letter to Trish Stone-Damen, Investors Retirement & Management Company, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jan 27, 1999 Interpretive Letter to Karin Wolman, Esq., Wilders & Weinberg, P.C. (Research Personnel) Membership and Registration Rules NASD Licensing In General
Jan 6, 1999 Interpretive Letter to Jack Hodges, William O'Neil + Co, Inc. Marketplace Rules NASD Rules 6950-6957 (OATS)
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Dec 7, 1998 Interpretive Letter to Victoria Bach-Fink, Wall Street Financial Group Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Dec 7, 1998 Interpretive Letter to Elaine S. Moshe, Gordon Altman Butowsky Weitzen Conduct Rules NASD Rule 2830 - Investment Company Securities
Oct 26, 1998 Interpretive Letter to Jack Hodges, William O'Neil + Co, Inc. Marketplace Rules NASD Rules 6950-6957 (OATS)
Sep 16, 1998 Interpretive Letter to Brian C. Underwood, A.G. Edwards & Sons, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members

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