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 Typesort descending Related Rule / Topic
Apr 9, 1998 Interpretive Letter to Joseph McLaughlin, Brown & Wood Conduct Rules NASD Rule 2320 - Best Execution and Interpositioning
Sep 15, 1994 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3030 - Outside Business Activities of an Association Person
Nov 30, 2006 Interpretive Letter to Evan Charkes, Citigroup Global Markets, Inc. Conduct Rules NASD Rule 3010 - Supervision
Sep 6, 2007 Interpretive Letter to Tamara K. Salmon, Investment Company Institute Conduct Rules NASD Rule 2210 - Communications with the Public
Sep 9, 1999 Interpretive Letter to Robert L. Winston, American Funds Distributors, Inc. Conduct Rules NASD Rule 2830 - Investment Company Securities
Aug 6, 2004 NASD Office of General Counsel, Regulatory Policy and Oversight Conduct Rules NASD Rule 2790 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings
Feb 8, 1999 Interpretive Letter to Roger D. Blanc, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 3350 - Short Sale Rule
Feb 3, 2003 Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C. Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Oct 2, 2003 Interpretive Letter to Michael D. Udoff, Securities Industry Association Conduct Rules NASD Rule 2210 - Communications with the Public
Aug 9, 2001 Interpretive Letter to Joe Tully, Commonwealth Financial Network Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Aug 26, 2013 Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc. Conduct Rules FINRA Rule 2111 - Suitability
Feb 4, 2004 Interpretive Letter to Martin H. Kaplan, Esq., Gusrae, Kaplan & Bruno, PLLC Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Nov 4, 2002 Interpretive Letter to Donna B. Lawson, First Allied Securities, Inc. Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Mar 18, 2001 Interpretive Letter to Klia Ververidis, Esq., AssetStream Corporation Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Sep 28, 2007 Interpretive Letter to Dan Danborn, Society of Certified Senior Advisors Conduct Rules NASD Rule 2210 - Communications with the Public
Feb 17, 1999 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 2860 - Options
Nov 10, 2004 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Aug 7, 2001 Interpretive Letter to Bob E. Lehman, Esq., Lehman & Eilen LLP Conduct Rules NASD Rule 3230 - Clearing Agreements
Oct 14, 2002 Interpretive Letter to Janet Gallo, Acacia Life Insurance Company Conduct Rules NASD Rule 2820 - Variable Contracts of an Insurance Company
Feb 3, 2003 Interpretive Letter to Pamela M. Krill, Esquire, Godfrey & Kahn, S.C. Conduct Rules NASD Rule 2830 - Investment Company Securities
May 29, 2003 Interpretive Letter to Robert C. Hacker, Esq., Kirkpatrick & Lockhart, LLP Conduct Rules NASD Rule 2210 - Communications with the Public
May 25, 2001 Interpretive Letter to Name Not Public Conduct Rules NASD IM-2420-2 - Continuing Commissions Policy
Mar 15, 1999 Interpretive Letter to Martin Miller, Esq., Willkie Farr & Gallagher Conduct Rules NASD Rule 2330 - Customers' Securities or Funds
Aug 4, 1997 Interpretive Letter to Name Not Public Conduct Rules NASD Rule 3040 - Private Securities Transactions of an Associated Person
Dec 22, 2000 Interpretive Letter to Barbara A. Mallon, Esq., Mallon & Johnson, P.C. Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade

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