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 | Type | Related Rule / Topic |
|---|---|---|---|
| Dec 22, 1988 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances |
| Nov 13, 1990 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 2310 - Recommendations to Customers (Suitability) |
| Feb 24, 1993 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 2860 - Options |
| May 18, 1993 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 2310 - Recommendations to Customers (Suitability) |
| Aug 5, 1994 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3040 - Private Securities Transactions of an Associated Person |
| Sep 15, 1994 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3030 - Outside Business Activities of an Association Person |
| Sep 27, 1994 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3040 - Private Securities Transactions of an Associated Person |
| Jul 26, 1995 | Interpretive Letter to Richard Lewandowski, The Options Exchange | Conduct Rules | NASD Rule 3370 - Prompt Receipt and Delivery of Securities |
| Oct 31, 1995 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3110 - Books and Records |
| Nov 27, 1995 | Interpretive Letter to Name Not Public | Membership and Registration Rules | NASD Rule 1020 Series - Registration of Principals |
| May 2, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 2440 - Fair Prices and Commissions |
| May 28, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3070 - Reporting Requirements |
| May 28, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3070 - Reporting Requirements |
| Jul 23, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3040 - Private Securities Transactions of an Associated Person |
| Aug 9, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3010 - Supervision |
| Aug 13, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3010 - Supervision |
| Sep 18, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3370 - Prompt Receipt and Delivery of Securities |
| Nov 15, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 2740 - Selling Concessions, Discounts, and Other Allowances |
| Nov 20, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD IM-2420-2 - Continuing Commissions Policy |
| Dec 16, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD Rule 3040 - Private Securities Transactions of an Associated Person |
| Dec 23, 1996 | Interpretive Letter to Name Not Public | Conduct Rules | NASD IM-2420-2 - Continuing Commissions Policy |
| Jan 23, 1997 | Interpretive Letter to Stuart J. Kaswell, SIA | Conduct Rules | NASD Rule 2310 - Recommendations to Customers (Suitability) |
| Jan 23, 1997 | Interpretive Letter to Paul Saltzman, PSA | Conduct Rules | NASD Rule 2310 - Recommendations to Customers (Suitability) |
| Feb 19, 1997 | Interpretive Letter to Name Not Public | Membership and Registration Rules | NASD Rule 1020 Series - Registration of Principals |
| Feb 21, 1997 | Interpretive Letter to Name Not Public | Uniform Practice Code | NASD Rule 11870 - Customer Account Transfer Contracts |