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Interpretive Letters

Interpretive letters provide guidance on the staff's views as to the application of particular FINRA rules under specific circumstances. Members, associated persons, and their counsel should consider seeking further guidance regarding their own unique circumstances.

Date Title Related Rule Core Topic
Apr 26, 2023 Interpretive Letter to Janet Dyer, National Financial Services, LLC Negative Response Letters
Sep 01, 2020 Interpretive Letter to Jason P. Ellison, Foreside Fund Services, LLC Advertising Regulation, Related Performance
Jul 24, 2020 Interpretive Letter to T. Douglas Hollowell, UBS Financial Services, Inc. Negative Response Letters
Jun 16, 2020 Interpretive letter to Michael Markunas, B. Riley FBR, Inc. and B. Riley Wealth Management, Inc. Investment Banking Referrals
May 30, 2019 Interpretive letter to Jonathan D. Wiley, The Forbes Securities Group Capital Acquisition Brokers
Jan 31, 2019 Interpretive letter to Meredith F. Henning, Foreside Advertising Regulation
Apr 16, 2018 Interpretive letter to Joan E. Boros, Esq., Stradley Ronon Stevens & Young, LLP Advertising Regulation, Related Performance
Dec 11, 2017 Interpretive Letter to Lawrence Cohen, Gordon Rees Scully Mansukhani, LLP
Jun 12, 2017 Interpretive Letter to Clair Pagnano, K&L Gates LLP Related Performance, Advertising Regulation
May 09, 2017 Interpretive Letter to Elliott R. Curzon, Dechert LLP
Mar 22, 2016 Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group Filing Requirements, Advertising Regulation
Feb 24, 2016 Interpretive Letter to Marc Menchel, Menchel Consulting LLC
May 12, 2015 Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC Related Performance, Advertising Regulation
Feb 20, 2015 Interpretive Letter to Gregory J. Nowak, Pepper Hamilton LLP
Dec 01, 2014 Interpretive Letter to Wallace W. Kunzman, Jr., Kunzman & Bollinger, Inc. Business Development Company (BDC), Qualification Exams, Advertising Regulation, Direct Participation Programs (DPPs)
Apr 28, 2014 Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP Research Reports, Third Party Research, Advertising Regulation
Aug 26, 2013 Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc. Private Placements, Suitability
Apr 22, 2013 Interpretive Letter to Bradley J. Swenson, ALPS Distributors, Inc. Back testing, Advertising Regulation
Feb 08, 2013 Interpretive Letter to Amy Natterson Kroll, Bingham McCutchen LLP Qualification Exams, Third Party Research, Advertising Regulation, Research Analyst Rules
Feb 05, 2013 Interpretive Letter to S. Kendrick Dunn, Pacific Select Distributors, Inc. Qualification Exams, Supervision
Dec 21, 2012 Interpretive Letter to Ira Hammerman, The Securities Industry and Financial Markets Association Customer Account Transfers
Nov 27, 2012 Interpretive Letter to Name Not Public
Jul 29, 2010 Interpretive Letter to Michael Brennan Qualification Exams
Jun 09, 2010 Interpretive Letter to Merrie Faye Witkin, The Depository Trust & Clearing Corporation
May 21, 2010 Interpretive Letter to Claudia Crowley, NYSE Regulation, Inc.