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, 1999 Interpretive Letter to Gerald L. Fishman, Esq., Wolin & Rosen By-Laws Article III, Section 4 - Definition of Disqualification
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
Nov 8, 2004 NASD Office of General Counsel, Regulatory Policy and Oversight Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Apr 16, 2018 Interpretive letter to Joan E. Boros, Esq., Stradley Ronon Stevens & Young, LLP Conduct Rules FINRA Rule 2210 - Communications with the Public
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 26, 1995 Interpretive Letter to Richard Lewandowski, The Options Exchange Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Jul 23, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Nov 27, 2012 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Dec 30, 2003 Interpretive Letter to Yukako Kawata, Davis Polk & Wardwell Conduct Rules NASD Rule 2210 - Communications with the Public
Nov 26, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision
Jun 2, 2006 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Mar 7, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Sep 30, 2002 Interpretive Letter to Susan S. Krawczyk, Esq., Sutherland Asbill & Brennan LLP Conduct Rules NASD Rule 2210 - Communications with the Public
Dec 23, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jan 31, 2019 Interpretive letter to Meredith F. Henning, Foreside Conduct Rules FINRA Rule 2210 - Communications with the Public
Mar 8, 2001 Interpretive Letter to Jay Adams Knight, Esq., Musick, Peeler & Garrett LLP Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Feb 8, 1999 Interpretive Letter to Roger D. Blanc, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 3350 - Short Sale Rule
Sep 27, 1994 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Oct 2, 2003 Interpretive Letter to Michael D. Udoff, Securities Industry Association Conduct Rules NASD Rule 2210 - Communications with the Public
Jun 4, 2001 Interpretive Letter to Lena M. Stinson, Stanford Group Company Conduct Rules NASD Rule 3010 - Supervision
Aug 1, 2006 Interpretive Letter to Eileen Ryan, Esq., Securities Industry Association, and Sarah Starkweather, Esq., The Bond Market Association Conduct Rules NASD Rule 2211 - Institutional Sales Material and Correspondence
Oct 12, 2000 Interpretive Letter to Eric A. Arnold, Esq., Sutherland Asbill & Brennan LLP Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Sep 14, 2004 Interpretive Letter to Budge Collins, Collins/Bay Island Securities Conduct Rules NASD Rule 2210 - Communications with the Public

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