Notice to Members 06-10

NASD Revises Sanction Guidelines

Effective Date: March 31, 2006

This Notice advises NASD members of modifications to the NASD Sanction Guidelines (Guidelines). NASD is amending the quality of markets guidelines and the guidelines for violations of Municipal Securities Rulemaking Board (MSRB) Rules G-36 and G-37. The new guidelines are effective as of March 31, 2006, and apply to all actions as of that date, including pending disciplinary cases.

The revised guidelines can be read in their entirety in Attachment A to this Notice. The revised guidelines are also available on NASD’s Web site (

Questions concerning this Notice may be directed to Carla Carloni, Office of General Counsel, Regulatory Policy and Oversight, at (202) 728-8019.

Sanction Guidelines Q&A
View Questions and Answers Regarding the March 2006 Revisions of the NASD Sanction Guidelines