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
Nov 20, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jul 30, 1998 Interpretive Letter to Dawn Bond, FSC Securities Corporation Conduct Rules NASD 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
Sep 27, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Aug 5, 1994 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Dec 28, 2007 Interpretive Letter to Richard Schultz, Triad Securities Corp. Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Mar 16, 1998 Interpretive Letter to Franklin I. Ogele, Esq., Singer Zamansky LLP Conduct Rules NASD Rule 3010 - Supervision
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
Nov 29, 2004 Interpretive Letter to Therese Squillacote, ING Financial Advisers, LLC Conduct Rules NASD Rule 2210 - Communications with the Public
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
Jun 4, 2002 Interpretive Letter to Selwyn Notelovitz, Global Compliance Conduct Rules NASD Rule 3110 - Books and Records
Jul 5, 2001 Interpretive Letter to Jeffrey W. Kilduff, Esq., O'Melveny & Myers, LLP Conduct Rules NASD Rule 3110 - Books and Records
Jan 23, 2001 Interpretive Letter to Isaac Schlesinger, Bishop, Rosen & Co., Inc. Conduct Rules NASD Rule 2440 - Fair Prices and Commissions
Jun 8, 1998 Interpretive Letter to Christine A. Edwards, Morgan Stanley Dean Witter & Co. Conduct Rules NASD 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
May 31, 2000 Interpretive Letter to Michael R. Miller, Esq., Kunkel Miller & Hament Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Mar 14, 2001 Interpretive Letter to Charles Wiegert, NFP Securities Conduct Rules NASD Rule 3060 - Influencing or Rewarding Employees of Others
May 15, 2008 Letter from FINRA Office of General Counsel, May 15, 2008 Conduct Rules NASD Rule 2510 - Discretionary Accounts
Nov 26, 1997 Interpretive Letter to Laura Moret, American Express Financial Corporation Conduct Rules NASD Rule 3010 - Supervision
Oct 16, 2000 Interpretive Letter to Justine Rusin, Merit Capital Associates, Inc. (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
May 20, 1999 Interpretive Letter to Harley Whitfield, American Equity Capital, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Mar 5, 1999 Interpretive Letter to J. Craig Long, Esq., Foley & Lardner Conduct Rules NASD Rule 2220 - Options Communications with the Public
Nov 27, 2000 Interpretive Letter to Angela Coronado, Brecek & Young Advisors, Inc. Conduct Rules NASD Rule 3110 - Books and Records
Aug 4, 2000 Interpretive Letter to Alan Feldstein, Esq., Development Corporation for Israel Conduct Rules NASD Rule 3110 - Books and Records
May 2, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2440 - Fair Prices and Commissions

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