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 / Topicsort descending
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
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
Aug 26, 2013 Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc. Conduct Rules FINRA Rule 2111 - Suitability
Apr 22, 2013 Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc. Conduct Rules FINRA 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
Mar 22, 2016 Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group Conduct Rules FINRA Rule 2210 - Communications with the Public
Jun 12, 2017 Interpretive Letter to Clair Pagnano, K&L Gates LLP Conduct Rules FINRA 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
May 9, 2017 Interpretive Letter to Elliott R. Curzon, Dechert LLP Conduct Rules FINRA Rule 5131 – New Issue Allocations and Distributions
May 21, 2010 Interpretive Letter to Claudia Crowley, NYSE Regulation, Inc. Marketplace Rules FINRA Rules 7410-7470 (OATS)
Mar 26, 2010 Interpretive Letter to William D. Edick, Pickard and Djinis LLP Marketplace Rules FINRA Rules 7410-7470 (OATS)
Apr 16, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2110-2 - Trading Ahead of Customer Limit Order
Jul 3, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2110-2 - Trading Ahead of Customer Limit Order
Nov 20, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Nov 27, 2012 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Feb 4, 2002 Interpretive Letter to Ted. A. Troutman, Esquire, Muir & Troutman Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Aug 9, 2001 Interpretive Letter to Joe Tully, Commonwealth Financial Network Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jan 21, 2000 Interpretive Letter to Peter D. Koffler, Esq., Twenty-First Securities Corporation Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Dec 23, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Aug 29, 1997 Interpretive Letter to Lloyd H. Feller, Morgan, Lewis & Bockius Conduct Rules NASD IM-3310 - Manipulative and Deceptive Quotations
Jan 27, 1999 Interpretive Letter to Karin Wolman, Esq., Wilders & Weinberg, P.C. (Research Personnel) Membership and Registration Rules NASD Licensing In General

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