NASD Notice to Members 07-12 - February 2007

NASD Requests Comment on Proposed Amendments to Rules 3010(g) and 2711 in Connection with the Rule Harmonization Project with the NYSE; Comment Period Expired March 26, 2007

Executive Summary

NASD is issuing this Notice to Members to solicit comments from members and other interested parties on a proposal to amend Rule 3010(g) (Supervision - Definition of "Office of Supervisory Jurisdiction") and Rule 2711 (Research Analysts and Research Reports - Definition of "Initial Public Offering").

Early last year, the New York Stock Exchange (NYSE) and NASD announced a plan to work jointly to harmonize their rulebooks in an effort to eliminate duplicative rules and streamline regulation. Further, on November 28, 2006, NASD and the NYSE announced a plan to consolidate their member regulation operations into a new organization that will be the single self-regulatory organization (SRO) for all securities firms doing business with the public in the U.S. The consolidation plan sets forth a more sensible and less complex regulatory system that will make securities regulation more efficient and effective.

The new SRO will work diligently toward the creation of a single rulebook; however, the rule harmonization plan discussed in this NTM is a separate endeavor from the rulebook consolidation project. NASD believes that continuation of the rule harmonization project at this time remains a critical step toward ending duplication and reducing regulatory inefficiency.

As noted, hard copy comments should be submitted to Barbara Z. Sweeney. Questions concerning this Notice should be directed to Kosha K. Dalal, Associate General Counsel, Office of General Counsel, at (202) 728-6903.


The comment period was extended to April 9, 2007.


View Full Notice PDF 46 KB

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.

Comments By Date Received
Patricia Nelson (PDF 30 KB) 2/27/2007
Charles Comer (PDF 23 KB) 3/6/2007
Bob Hillard (PDF 35 KB) 3/7/2007
Investment Company Institute (PDF 157 KB) 3/23/2007
Association of Registration Management, Inc. (PDF 76 KB) 3/25/2007
Financial Services Institute (PDF 69 KB) 3/26/2007
National Planning Holdings, Inc. (PDF 86 KB) 3/26/2007
Farmers Financial Solutions, LLC (PDF 31 KB) 3/27/2007
ACLI (PDF 139 KB) 4/6/2007
Great American Advisors, Inc. (PDF 40 KB) 4/9/2007
SIFMA (PDF 51 KB) 4/9/2007
Berthel Fisher & Company Financial Services, Inc. (PDF 416 KB) 4/9/2007
NASAA (PDF 42 KB) 4/9/2007
Sutherland Asbill & Brennan LLP (PDF 47 KB) 4/9/2007
NAIBD (PDF 87 KB) 4/10/2007
Financial Telesis, Inc. (PDF 68 KB) 4/10/2007
Thornes & Associates, Inc. (PDF 69 KB) 4/20/2007