(a) The Rules shall apply to all members and persons associated with a member. Persons associated with a member shall have the same duties and obligations as a member under the Rules.

(b) A member or person associated with a member, who has been expelled, canceled or revoked from membership or from registration, or who has been barred from being associated with all members, shall cease to have any privileges of membership or registration.

The Rules shall be interpreted in light of the purposes sought to be achieved by the Rules and to further FINRA's regulatory programs.

The Rules shall become effective as provided in Article XI, Section 1, of the FINRA By-Laws.

The Rules are adopted pursuant to Article VII, Section 1, of the FINRA By-Laws.