Notice to Members 05-27

NASD Requests Comment on Proposal to Require Principal Pre-Use Approval of Member Correspondence to 25 or More Existing Retail Customers within a 30-Calendar-Day Period

Comment Period Expired May 27, 2005

NASD currently defines correspondence to include any written letter or electronic mail message distributed by a member to (a) one or more of its existing retail customers, and (b) fewer than 25 prospective retail customers within any 30 calendar-day period. The definition of correspondence is significant because firms generally are not required to have a registered principal approve correspondence prior to use, and because some of the specific content standards applicable to other types of communications with the public do not apply to correspondence. NASD is proposing to amend Rule 2211 to require that a registered principal approve, prior to use, any correspondence that is sent to 25 or more existing retail customers within a 30-calendar-day period.

Questions concerning this Notice may be directed to Thomas M. Selman, Senior Vice President, Investment Companies/Corporate Financing, at (240) 386-4533; Joseph P. Savage, Associate Vice President, Investment Companies Regulation, at (240) 386-4534; or Philip A. Shaikun, Associate General Counsel, Office of General Counsel, Regulatory Policy and Oversight, at (202) 728-8451.

The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments: 
DateCommenterFormat - Size
4/19/2005Wulff, Hansen & Co.PDF - 69.48 KB
5/25/2005Association of Registration ManagementPDF - 1.64 MB
5/27/2005Edward D. Jones & Co. LPPDF - 55.4 KB
5/27/2005Financial Services InstitutePDF - 63.33 KB
5/27/2005Investment Company InstitutePDF - 86.31 KB
5/27/2005UBS Financial Services Inc.PDF - 444.59 KB
5/20/2005Krieger-Campbell, IncorporatedPDF - 25.6 KB
4/21/2005Frank DealyPDF - 31.64 KB
4/14/2005Fintegra, LLCPDF - 28.71 KB
5/27/2005Jefferson Pilot Securities CorporationPDF - 35.48 KB
5/27/2005Cutter & Company, Inc.PDF - 28.04 KB