Notice to Members 05-12
SEC Approves Amendments to Rule 9522 Regarding Applications of Statutorily Disqualified Persons Who Will Be Engaged Solely in Clerical and/or Ministerial Activities
NASD’s Rule 9520 Series sets forth NASD’s eligibility procedures, under which statutorily disqualified persons may become or remain associated with a member firm. On December 14, 2004, the Securities and Exchange Commission (SEC) approved amendments to NASD Rule 9522(e)(2), giving NASD’s Department of Member Regulation (Member Regulation) the authority to approve, without review by NASD’s National Adjudicatory Council (NAC), the Member Continuance Applications (MC-400 Applications or Applications) of statutorily disqualified persons who will be engaged solely in clerical and/or ministerial activities.1
Questions concerning this Notice may be directed to Lorraine Lee, Statutory Disqualification Administrator, Member Regulation, at (240) 386-4783; or Shirley H. Weiss, Associate General Counsel, Office of General Counsel, Regulatory Policy and Oversight, at (202) 728-8844.