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 Title Typesort descending Related Rule / Topic
Sep 28, 2000 Interpretive Letter to Leslie U. Harris, East/West Securities Co. By-Laws Article IV, Section 2 - Similarity of Membership Names
Aug 7, 2001 Interpretive Letter to Name Not Public By-Laws Article V, Section 2 - Application for Registration
Sep 28, 1999 Interpretive Letter to Gerald L. Fishman, Esq., Wolin & Rosen By-Laws Article III, Section 4 - Definition of Disqualification
May 11, 1998 Interpretive Letter to Sandra M. Ng, Gruntal & Co., L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Dec 9, 1997 Interpretive Letter to Lee A. Pickard, Pickard and Djinis Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Sep 25, 1997 Interpretive Letter to David M. Katz, Sidley & Austin Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jan 26, 2005 Interpretive Letter to George T. Simon, Foley & Lardner, LLP Conduct Rules NASD Rule 2510 - Discretionary Accounts
Jan 23, 1997 Interpretive Letter to Stuart J. Kaswell, SIA Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
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
Oct 31, 1995 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3110 - Books and Records
Jun 18, 2001 Interpretive Letter to Philip J. Fina, Esq., Kirkpatrick & Lockhart LLP Conduct Rules NASD Rule 2830 - Investment Company Securities
Jan 16, 2001 Interpretive Letter to Stuart M. Strauss, Esq., Mayer, Brown & Platt Conduct Rules NASD Rule 2830 - Investment Company Securities
Nov 11, 1997 Interpretive Letter to Craig S. Tyle, Investment Company Institute Conduct Rules NASD Rule 2210 - Communications with the Public
Feb 20, 2015 Interpretive Letter to Gregory J. Nowak, Pepper Hamilton LLP Conduct Rules FINRA Rule 5130 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings
Nov 15, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances
Dec 28, 2007 Interpretive Letter to Richard Schultz, Triad Securities Corp. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Aug 20, 1997 Interpretive Letter to Peter D. Koffler, Twenty-First Securities Corporation Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Nov 29, 2004 Interpretive Letter to Therese Squillacote, ING Financial Advisers, LLC Conduct Rules NASD Rule 2210 - Communications with the Public
Jan 23, 1997 Interpretive Letter to Paul Saltzman, PSA Conduct Rules NASD Rule 2310 - Recommendations to Customers (Suitability)
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
Jul 5, 2001 Interpretive Letter to Jeffrey W. Kilduff, Esq., O'Melveny & Myers, LLP Conduct Rules NASD Rule 3110 - Books and Records
Dec 7, 1998 Interpretive Letter to Elaine S. Moshe, Gordon Altman Butowsky Weitzen Conduct Rules NASD Rule 2830 - Investment Company Securities
Dec 17, 1999 Interpretive Letter to Yoon-Young Lee, Wilmer, Cutler & Pickering Conduct Rules NASD Rule 2210 - Communications with the Public
May 12, 2015 Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC Conduct Rules FINRA Rule 2210 - Communications with the Public

Pages