Proposed Amendments to Rule 11870 Relating to Non-Standard Transfers of Customer Account Assets

NASD has filed with the SEC a proposed rule change to amend NASD Rule 11870 to make the procedures for non-standard transfers of customer account assets through the Automated Customer Account Transfer Service ("ACATS") consistent with the procedures for transferring security account assets in their entirety unless the customer authorizes alternative instructions to transfer specifically designated assets. The proposed rule change also would provide that a customer may authorize an account transfer, in whole or in part, via electronic signature in a format recognized as valid under federal law to conduct interstate commerce. The proposed rule change also would delete the requirement that members use the transfer instructions and provide the reports prescribed by NASD when accomplishing account transfers under the Rule.

TitleFormat - SizeStatus
Text of Proposed Rule ChangePDF - 64.36 KB
Federal Register NoticePDF - 58.13 KB