SR-NASD-2004-135

Disclosure and Consent Requirements When Trading on a Net Basis With Customers

NASD has filed with the SEC proposed NASD Rule 2441 to clarify and codify the staff position that market makers that intend to trade on a net basis with their customers are required to provide disclosure to, and obtain affirmative consent from, non-institutional customers on an order-by-order basis and obtain consent from institutional customers, which may be evidenced by the use of a negative consent letter.

DateTitleFormat - SizeStatus
7/20/2004Text of Proposed Rule ChangePDF - 69.74 KB
2/16/2005Amendment No. 1 to Proposed Rule ChangePDF - 26.24 KB
2/25/2005Amendment No. 2 to Proposed Rule ChangePDF - 25.69 KB
3/20/2005Amendment No. 3 to Proposed Rule ChangePDF - 27.44 KB
4/6/2005Federal Register NoticePDF - 58.37 KB
9/13/2005Amendment No. 4 to Proposed Rule ChangePDF - 227.16 KB
7/10/2006Approval OrderPDF - 65.87 KB