NASD Notice to Members 99-54 - July 1999

NASD Regulation Seeks Comment on Issues Relating to Arbitrator-Ordered Expungements of Information From The Central Registration Depository; Comment Period Expires July 30, 1999

Executive Summary

NASD Regulation, Inc. (NASD Regulation®) is seeking comment from National Association of Securities Dealers, Inc. (NASD®) members and other interested parties on issues relating to the expungement of information from the Central Registration Depository (CRDSM) that is ordered by arbitrators. In Notice to Members 99-09, NASD Regulation announced that it was imposing a moratorium on the expungement of certain information from the CRD system based on a directive contained in an arbitration award. Under the terms of the moratorium, which became effective January 19, 1999, NASD Regulation is not expunging information from the CRD system that is ordered by arbitrators in an award rendered in a dispute between a public customer and a registered representative or a firm unless the award has been confirmed by a court of competent jurisdiction.

 

Questions concerning this Notice may be directed to Ann E. Bushey, Assistant Director, CRD/Public Disclosure, NASD Regulation, at (301) 590-6389; Mary M. Dunbar, Assistant General Counsel, Office of General Counsel, NASD Regulation, at (202) 728-8252; or Richard E. Pullano, Associate Director and Counsel, CRD/Public Disclosure, NASD Regulation, at (301) 212-3