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
May 15, 2008 Letter from FINRA Office of General Counsel, May 15, 2008 Conduct Rules NASD Rule 2510 - Discretionary Accounts
Mar 15, 1999 Interpretive Letter to Martin Miller, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Aug 4, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Feb 17, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2860 - Options
Mar 18, 2001 Interpretive Letter to Klia Ververidis, Esq., AssetStream Corporation Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Nov 27, 2000 Interpretive Letter to Angela Coronado, Brecek & Young Advisors, Inc. Conduct Rules NASD Rule 3110 - Books and Records
Oct 14, 2002 Interpretive Letter to Janet Gallo, Acacia Life Insurance Company Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Aug 7, 2001 Interpretive Letter to Bob E. Lehman, Esq., Lehman & Eilen LLP Conduct Rules NASD Rule 3230 - Clearing Agreements
May 12, 2015 Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC Conduct Rules FINRA Rule 2210 - Communications with the Public
Jan 21, 2000 Interpretive Letter to Peter D. Koffler, Esq., Twenty-First Securities Corporation Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jan 28, 2002 Interpretive Letter to Forrest R. Foss, T. Rowe Price Associates, Inc. Conduct Rules NASD Rule 2210 - Communications with the Public
Nov 7, 2003 Interpretive Letter to Harold L. Gladney Conduct Rules NASD Rule 2370 - Borrowing From or Lending to Customers
Dec 16, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Mar 16, 2005 Interpretive Letter to Tamara K. Salmon, Investment Company Institute Conduct Rules NASD Rule 2510 - Discretionary Accounts
Feb 24, 1993 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2860 - Options
Dec 22, 2000 Interpretive Letter to Barbara A. Mallon, Esq., Mallon & Johnson, P.C. Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Aug 4, 2000 Interpretive Letter to Alan Feldstein, Esq., Development Corporation for Israel Conduct Rules NASD Rule 3110 - Books and Records
Oct 29, 1999 Interpretive Letter to Robert E. Lee, Counsel, P&A Administrative Services, Inc. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Jul 23, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3230 - Clearing Agreements
Dec 9, 1998 Interpretive Letter to Leslie D. Smith, Berthel Fisher & Company Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Jul 5, 2000 Interpretive Letter to Kathleen A. Wieland, William Blair & Company, L.L.C. Conduct Rules NASD Rule 2210 - Communications with the Public
Jul 9, 2008 FINRA Office of General Counsel (Auction Rate Securities) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Jun 27, 2001 Interpretive Letter to Jonathan K. Lagemann, Esq., Law Offices of Jonathan Kord Lagemann Conduct Rules NASD Rule 2420 - Dealing with Non-Members
Jul 23, 1996 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Nov 26, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3010 - Supervision

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