Notice to Members 04-23
NASD Seeks Comment On (1) Amending its Minor Rule Violation Plan (MRVP) to Include Failure Timely to Submit Amendments to the Uniform Termination Notice for Securities Industry Registration (Form U5); and (2) Adopting a Rule to Create an Inactive Disclosure Review Registration Status
In July 2002, an NASD task force (the Public Information Review or PIR Task Force) initiated a comprehensive review of disciplinary and other information that NASD makes public, including the information released under NASD Interpretive Material 8310-2 (IM-8310-2). NASD is requesting comment from its members and other interested parties on two of the PIR Task Force’s recommendations: (1) expanding the coverage of NASD’s MRVP to include the failure to amend the Uniform Termination Notice for Securities Industry Registration (Form U5) in a timely manner; and (2) creating an “Inactive Disclosure Review” (Inactive DR) registration status that would require a registered individual to cease all activities requiring registration and prohibit that individual from functioning in any capacity requiring registration until the member either reports or updates a disclosure item on a Uniform Application for Securities Industry Registration or Transfer (Form U4) or provides the disclosure documentation requested for that individual. These proposals are part of a multi-pronged effort to help ensure that members make required disclosures on all Uniform Forms in a timely manner.
Questions concerning this Notice may be directed to Victoria M. Pawelski, Assistant Chief Counsel and Assistant Director, Registration and Disclosure, at (240) 386-4803; or Shirley H. Weiss, Associate General Counsel, Office of General Counsel, Regulatory Policy and Oversight, at (202) 728-8844.
|Date||Commenter||Format - Size|
|4/18/2004||Anonymous||PDF - 26.1 KB|
|4/19/2004||Hochman & Baker, Inc.||PDF - 29.72 KB|
|3/28/2004||Cantella & Co., Inc.||PDF - 71.92 KB|
|4/19/2004||Empire Corporate FCU||PDF - 48.97 KB|
|4/19/2004||Financial Network||PDF - 36.26 KB|
|3/24/2004||Scott D. Ruczko||PDF - 26.07 KB|
|3/21/2004||Cutter & Company, Inc.||PDF - 29.66 KB|