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
Jul 30, 1998 Interpretive Letter to Dawn Bond, FSC Securities Corporation Conduct Rules NASD Rule 2210 - Communications with the Public
Jul 30, 1998 Interpretive Letter to Charles R. Hood, Instinet Corporation Marketplace Rules NASD Rules 6950-6957 (OATS)
Jul 17, 1998 Interpretive Letter to Name Not Public Marketplace Rules NASD Rules 6950-6957 (OATS)
Jul 2, 1998 Interpretive Letter to Kenneth E. Leopold, Neuberger & Berman, LLC Marketplace Rules NASD Rules 6950-6957 (OATS)
Jun 18, 1998 Interpretive Letter to Daniel Schloendorn, Willkie Farr & Gallagher Conduct Rules NASD Rule 2710 - Corporate Financing Rule
Jun 8, 1998 Interpretive Letter to Christine A. Edwards, Morgan Stanley Dean Witter & Co. Conduct Rules NASD Rule 2210 - Communications with the Public
May 27, 1998 Interpretive Letter to Therese Haberle, Charles Schwab Membership and Registration Rules NASD Rule 1040 Series - Assistant Representative - Order Processing
May 11, 1998 Interpretive Letter to Sandra M. Ng, Gruntal & Co., L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Apr 22, 1998 Interpretive Letter to Karen A. Steighner, Brokerage Administrator Corporation Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Apr 9, 1998 Interpretive Letter to Joseph McLaughlin, Brown & Wood Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Mar 16, 1998 Interpretive Letter to Franklin I. Ogele, Esq., Singer Zamansky LLP Conduct Rules NASD Rule 3010 - Supervision
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
Jan 29, 1998 Interpretive Letter to Francis X. Stone, Esq. Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Dec 9, 1997 Interpretive Letter to Lee A. Pickard, Pickard and Djinis Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Nov 26, 1997 Interpretive Letter to Laura Moret, American Express Financial Corporation Conduct Rules NASD Rule 3010 - Supervision
Nov 26, 1997 Interpretive Letter to Laura Moret, American Express Financial Corporation Conduct Rules NASD Rule 3110 - Books and Records
Nov 11, 1997 Interpretive Letter to Craig S. Tyle, Investment Company Institute Conduct Rules NASD Rule 2210 - Communications with the Public
Oct 26, 1997 Interpretive Letter to Paul D. Coury, The Coury Financial Group Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
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
Sep 25, 1997 Interpretive Letter to David M. Katz, Sidley & Austin Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Aug 29, 1997 Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius Conduct Rules NASD IM-3310 - Manipulative and Deceptive Quotations
Aug 29, 1997 Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius Conduct Rules NASD Rule 2120 - Use of Manipulative, Deceptive, or Other Fraudulent Devices
Aug 20, 1997 Interpretive Letter to Peter D. Koffler, Twenty-First Securities Corporation Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Aug 4, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Jul 30, 1997 Interpretive Letter to Webster E. Janssen, Janssen Financial Services Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person

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