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
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
Sep 28, 2000 Interpretive Letter to Leslie U. Harris, East/West Securities Co. By-Laws Article IV, Section 2 - Similarity of Membership Names
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
Feb 24, 2016 Interpretive Letter to Marc Menchel, Menchel Consulting LLC Membership and Registration Rules NASD Rule 1017 - Application for Approval of Change in Ownership, Control, or Business Operations
Feb 3, 2003 Interpretive Letter to Marc. A. Cohn, Metropolitan Life Insurance Company Conduct Rules NASD Rule 2510 - Discretionary Accounts
Feb 3, 2003 Interpretive Letter to Marilyn A. Sponzo, Jordan Burt Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Feb 3, 2003 Interpretive Letter to Marion A. Kashan, London Pacific Securities, Inc. (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Oct 15, 2001 Interpretive Letter to Mark W. Bolle, Raymond James Financial Services, Inc. Uniform Practice Code NASD Rule 11200 Series
Aug 20, 2004 Interpretive Letter to Mark W. Riepe, Charles Schwab & Co., Inc. Conduct Rules NASD Rule 2711 - Research Analysts and Research Reports
Feb 4, 2004 Interpretive Letter to Martin H. Kaplan, Esq., Gusrae, Kaplan & Bruno, PLLC Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Mar 15, 1999 Interpretive Letter to Martin Miller, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Jun 9, 2010 Interpretive Letter to Merrie Faye Witkin, The Depository Trust & Clearing Corporation Uniform Practice Code NASD Rule 11190 - Reconfirmation and Pricing Service Participants
Dec 17, 1999 Interpretive Letter to Merrill E. Weber, Red Oak Financial Corporation Marketplace Rules NASD Rule 6500 Series - OTC Bulletin Board Service
Jul 29, 2010 Interpretive Letter to Michael Brennan Membership and Registration Rules NASD Rule 1020 Series - Registration of Principals
Oct 2, 2003 Interpretive Letter to Michael D. Udoff, Securities Industry Association Conduct Rules NASD Rule 2210 - Communications with the Public
May 1, 2003 Interpretive Letter to Michael D. Wolk, Esq., Foley and Lardner (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Apr 3, 2000 Interpretive Letter to Michael L. Kerley, Esq., MML Investors Services, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
May 31, 2000 Interpretive Letter to Michael R. Miller, Esq., Kunkel Miller & Hament Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Nov 10, 2004 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Feb 3, 2005 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
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
Jan 18, 2000 Interpretive Letter to Michael T. Dorsey, Knight Securities, L.P. Conduct Rules NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Sep 6, 2001 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements

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