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 Titlesort descending Type Related Rule / Topic
Nov 30, 2006 Interpretive Letter to Evan Charkes, Citigroup Global Markets, Inc. Conduct Rules NASD Rule 3010 - Supervision
Jul 24, 2000 Interpretive Letter to Fiona Kaufman, Esq., SVB Securities, Inc. Conduct Rules NASD Rule 3110 - Books and Records
Jan 28, 2002 Interpretive Letter to Forrest R. Foss, T. Rowe Price Associates, Inc. Conduct Rules NASD Rule 2210 - Communications with the Public
Jan 29, 1998 Interpretive Letter to Francis X. Stone, Esq. Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Mar 1, 2002 Interpretive Letter to Frank Almeida, Quality of Life Settlements Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person
Mar 16, 1998 Interpretive Letter to Franklin I. Ogele, Esq., Singer Zamansky LLP Conduct Rules NASD Rule 3010 - Supervision
Jan 26, 2005 Interpretive Letter to George T. Simon, Foley & Lardner, LLP Conduct Rules NASD Rule 2510 - Discretionary Accounts
Feb 13, 2001 Interpretive Letter to George W. Mann, Jr., Boston Stock Exchange Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Sep 28, 1999 Interpretive Letter to Gerald L. Fishman, Esq., Wolin & Rosen By-Laws Article III, Section 4 - Definition of Disqualification
Jan 18, 2000 Interpretive Letter to Gordon C. Ogden, III, Profinancial, Inc. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
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
May 20, 1999 Interpretive Letter to Harley Whitfield, American Equity Capital, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Nov 7, 2003 Interpretive Letter to Harold L. Gladney Conduct Rules NASD Rule 2370 - Borrowing From or Lending to Customers
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
Aug 19, 2002 Interpretive Letter to Howard L. Kramer, Schiff Hardin & Waite Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Dec 21, 2012 Interpretive Letter to Ira Hammerman, The Securities Industry and Financial Markets Association Uniform Practice Code FINRA Rule 11810 - Buy-In Procedures and Requirements
Jan 23, 2001 Interpretive Letter to Isaac Schlesinger, Bishop, Rosen & Co., Inc. Conduct Rules NASD Rule 2440 - Fair Prices and Commissions
Mar 5, 1999 Interpretive Letter to J. Craig Long, Esq., Foley & Lardner Conduct Rules NASD Rule 2220 - Options Communications with the Public
Jan 6, 1999 Interpretive Letter to Jack Hodges, William O'Neil + Co, Inc. Marketplace Rules NASD Rules 6950-6957 (OATS)
Oct 26, 1998 Interpretive Letter to Jack Hodges, William O'Neil + Co, Inc. Marketplace Rules NASD Rules 6950-6957 (OATS)
Oct 26, 1999 Interpretive Letter to James A. Ricketts, Ameritrade, Inc. Conduct Rules NASD Rule 3110 - Books and Records
May 19, 2003 Interpretive Letter to James Hermann, William Blair & Company, LLC Marketplace Rules NASD Rule 6200 Series - Trade Reporting and Compliance Engine (TRACE)
Oct 14, 2002 Interpretive Letter to Janet Gallo, Acacia Life Insurance Company Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Oct 2, 2000 Interpretive Letter to Janna R. Severance, Esq., Moss & Barnett Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Mar 8, 2001 Interpretive Letter to Jay Adams Knight, Esq., Musick, Peeler & Garrett LLP Conduct Rules NASD Rule 2420 - Dealing with Non-Members

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