Interpretive Letters

All interpretive positions are staff position, unless otherwise indicated. Staff-issued interpretive letters express staff views and opinions only and are not binding on FINRA and its Board; any representation to the contrary is expressly disclaimed.

The letters provide general guidance on the staff's views as to the application of particular NASD rules under specific circumstance.

Members, associated persons, and their counsel should consider seeking further guidance regarding their own unique circumstances.

Date Title Type Related Rule / Topic
May 12, 2015 Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC Conduct Rules
Feb 20, 2015 Interpretive Letter to Gregory J. Nowak, Pepper Hamilton LLP Conduct Rules
Dec 1, 2014 Interpretive Letter to Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc. Membership and Registration Rules
Apr 28, 2014 Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP Conduct Rules
Aug 26, 2013 Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc. Conduct Rules
Apr 22, 2013 Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc. Conduct Rules
Feb 8, 2013 Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP Conduct Rules
Feb 5, 2013 Interpretive Letter to S. Kendrick Dunn, Pacific Select Distributors, Inc. Conduct Rules
Dec 21, 2012 Interpretive Letter to Ira Hammerman, The Securities Industry and Financial Markets Association Uniform Practice Code
Nov 27, 2012 Interpretive Letter to Name Not Public Conduct Rules
Jul 29, 2010 Interpretive Letter to Michael Brennan Membership and Registration Rules
Jun 9, 2010 Interpretive Letter to Merrie Faye Witkin, The Depository Trust & Clearing Corporation Uniform Practice Code
May 21, 2010 Interpretive Letter to Claudia Crowley, NYSE Regulation, Inc. Marketplace Rules
Mar 26, 2010 Interpretive Letter to William D. Edick, Pickard and Djinis LLP Marketplace Rules
Jul 9, 2008 FINRA Office of General Counsel (Auction Rate Securities) Conduct Rules
May 28, 2008 Interpretive Letter to Mr. Julian Rainero, Bracewell & Giuliani LLP Marketplace Rules
May 15, 2008 Letter from FINRA Office of General Counsel, May 15, 2008 Conduct Rules
Dec 28, 2007 Interpretive Letter to Richard Schultz, Triad Securities Corp. Conduct Rules
Dec 19, 2007 Interpretive Letter to Mr. Julian Rainero, Bracewell & Giuliani LLP Marketplace Rules
Dec 17, 2007 Interpretive Letter to Amal Aly, SIFMA (Reasonable and Customary Bereavement Gifts) Conduct Rules
Sep 28, 2007 Interpretive Letter to Dan Danborn, Society of Certified Senior Advisors Conduct Rules
Sep 6, 2007 Interpretive Letter to Tamara K. Salmon, Investment Company Institute Conduct Rules
Nov 30, 2006 Interpretive Letter to Evan Charkes, Citigroup Global Markets, Inc. Conduct Rules
Oct 6, 2006 Interpretive Letter to Alan M. Wolper, Esq., Sutherland Asbill & Brennan LLP Conduct Rules
Sep 28, 2006 Interpretive Letter to Steven K. McGinnis, Loring Ward Securities, Inc. Conduct Rules

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