Interpretive Letter

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	Related Rule	Core Topic
Jun 27, 2001	Interpretive Letter to Jonathan K. Lagemann, Esq., Law Offices of Jonathan Kord Lagemann	NASD Rule 2420 - Dealing with Non-Members
Jun 18, 2001	Interpretive Letter to Philip J. Fina, Esq., Kirkpatrick & Lockhart LLP	NASD Rule 2830 - Investment Company Securities	Gifts, Gratuities and Non-Cash Compensation
Jun 06, 2001	Interpretive Letter to Newton B. Schott, Jr., PIMCO Funds	NASD Rule 1030 Series - Registration of Representatives	Qualification Exams
Jun 04, 2001	Interpretive Letter to Lena M. Stinson, Stanford Group Company	NASD Rule 3010 - Supervision	Advertising Regulation, Supervision, Qualification Exams
May 25, 2001	Interpretive Letter to Name Not Public	NASD Rule 3370 - Prompt Receipt and Delivery of Securities
May 25, 2001	Interpretive Letter to Name Not Public	NASD IM-2420-2 - Continuing Commissions Policy
May 15, 2001	Interpretive Letter to Charles Freund, Brown Brothers Harriman	NASD Rule 3220 - Adjustment of Open Orders
Apr 27, 2001	Interpretive Letter to Name Not Public	NASD Rule 3370 - Prompt Receipt and Delivery of Securities
Apr 19, 2001	Interpretive Letter to Thomas W. Hands, TradePortal Securities, Inc.	NASD Rule 1030 Series - Registration of Representatives	Qualification Exams
Mar 18, 2001	Interpretive Letter to Klia Ververidis, Esq., AssetStream Corporation	NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade	Customer Account Transfers
Mar 15, 2001	Interpretive Letter to Charles Wiegert, NFP Securities	NASD Rule 3060 - Influencing or Rewarding Employees of Others	Gifts, Gratuities and Non-Cash Compensation
Mar 08, 2001	Interpretive Letter to Jay Adams Knight, Esq., Musick, Peeler & Garrett LLP	NASD Rule 2420 - Dealing with Non-Members
Mar 07, 2001	Interpretive Letter to Name Not Public	NASD Rule 2830 - Investment Company Securities	Gifts, Gratuities and Non-Cash Compensation
Mar 07, 2001	Interpretive Letter to Name Not Public	NASD Rule 2820 - Variable Contracts of an Insurance Company
Feb 13, 2001	Interpretive Letter to George W. Mann, Jr., Boston Stock Exchange	NASD Rule 1030 Series - Registration of Representatives	Qualification Exams
Jan 29, 2001	Interpretive Letter to Dennis Roth, Chesapeake Securities Research Corporation	NASD Rule 1030 Series - Registration of Representatives	Qualification Exams
Jan 23, 2001	Interpretive Letter to Isaac Schlesinger, Bishop, Rosen & Co., Inc.	NASD Rule 2440 - Fair Prices and Commissions
Jan 19, 2001	Interpretive Letter to Richard Bennett, Signal Securities, Inc.	NASD Rule 1030 Series - Registration of Representatives	Qualification Exams
Jan 16, 2001	Interpretive Letter to Stuart M. Strauss, Esq., Mayer, Brown & Platt	NASD Rule 2830 - Investment Company Securities
Dec 22, 2000	Interpretive Letter to Barbara A. Mallon, Esq., Mallon & Johnson, P.C.	NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade
Dec 11, 2000	Interpretive Letter to Brian C. Sullivan, LaBranche & Co.	NASD Rule 1060 - Persons Exempt from Registration
Nov 27, 2000	Interpretive Letter to Angela Coronado, Brecek & Young Advisors, Inc.	NASD Rule 3110 - Books and Records	Public Offerings
Nov 01, 2000	Interpretive Letter to Ms. Joanne Ferrari, Weeden & Co., L.P.	NASD Rule 1020 Series - Registration of Principals	Qualification Exams
Oct 27, 2000	Interpretive Letter to Mr. Alan E. Sorcher, Securities Industry Association & Ms. Sarah A. Miller, ABA Securities Association	NASD Rule 1070 - Qualification Examinations and Waiver of Requirements
Oct 16, 2000	Interpretive Letter to Justine Rusin, Merit Capital Associates, Inc. (Use of Negative Response Letters)	NASD Rule 2110 - Standards of Commercial Honor and Principles of Trade	Negative Response Letters, Advertising Regulation, Customer Account Transfers