NASD Notice to Members 98-074 - September 1998

SEC Approves Rule Amendment Relating to Hearings on Suspensions and Cancellations for Failure to Comply with Arbitration Awards

Executive Summary

On May 26, 1998, the Securities and Exchange Commission (SEC) approved an amendment to National Association of Securities Dealers, Inc. (NASD®) Rule 9514 authorizing hearing officers from the NASD Regulation, Inc. (NASD RegulationSM) Office of Hearing Officers to preside over non-summary proceedings involving cancellations and suspensions related to failure to comply with an NASD-imposed arbitration award or settlement agreement. The amendment became effective on May 26, 1998.