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 / Topicsort descending
Jul 19, 2000 Interpretive Letter to Stephen M. Vine, Esq., Akin, Gump, Strauss, Hauer & Feld, L.L.P. Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Dec 23, 1999 Interpretive Letter to Karen A. Steighner, Brokerage Administrators Corporation (includes attached incoming letter) Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Nov 11, 1999 Interpretive Letter to Andrew Gotfried, Raymond James Financial Services Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Dec 1, 2014 Interpretive Letter to Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc. Membership and Registration Rules NASD Rule 1030 Series - Registration of Representatives
Sep 21, 1999 Interpretive Letter to Cliff Palefsky, Esq., National Employment Lawyers Association Procedural Rules NASD Rule 10301 - Required Submission
Jul 19, 2000 Interpretive Letter to Joanne Ferrari, Weeden & Co., L.P. Membership and Registration Rules NASD Rule 1040 Series - Assistant Representative - Order Processing
May 27, 1998 Interpretive Letter to Therese Haberle, Charles Schwab Membership and Registration Rules NASD Rule 1040 Series - Assistant Representative - Order Processing
Dec 11, 2000 Interpretive Letter to Brian C. Sullivan, LaBranche & Co. Membership and Registration Rules NASD Rule 1060 - Persons Exempt from Registration
Dec 12, 2005 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Sep 6, 2001 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Oct 27, 2000 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Aug 5, 2004 Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association Membership and Registration Rules NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Jul 18, 2001 Interpretive Letter to Joe Morkos-Doueihi, J.P. Morgan Securities, Inc. Membership and Registration Rules NASD Rule 1100 - Foreign Associates
Jun 9, 2010 Interpretive Letter to Merrie Faye Witkin, The Depository Trust & Clearing Corporation Uniform Practice Code NASD Rule 11190 - Reconfirmation and Pricing Service Participants
Oct 2, 2001 Interpretive Letter to Kevin L. Palmer, WMA Securities, Inc. Membership and Registration Rules NASD Rule 1120 - Continuing Education Requirements
Oct 15, 2001 Interpretive Letter to Mark W. Bolle, Raymond James Financial Services, Inc. Uniform Practice Code NASD Rule 11200 Series
Feb 21, 1997 Interpretive Letter to Name Not Public Uniform Practice Code NASD Rule 11870 - Customer Account Transfer Contracts
Aug 15, 2006 NASD Office of General Counsel, Regulatory Policy and Oversight Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Jun 2, 2006 Interpretive Letter to Michael R. Trocchio, Esq., Bingham McCutchen LLP Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Dec 12, 2002 Interpretive Letter to R. Cromwell Coulson, Pink Sheets LLC Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Jul 9, 2008 FINRA Office of General Counsel (Auction Rate Securities) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Oct 20, 2004 Interpretive Letter to Barry Harris, Banc of America Investment Services, Inc. (Use of Negative Response Letters) Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Nov 8, 2004 NASD Office of General Counsel, Regulatory Policy and Oversight Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Mar 18, 2001 Interpretive Letter to Klia Ververidis, Esq., AssetStream Corporation Conduct Rules NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
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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