Guidance
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Fairness, integrity and efficiency make the U.S. capital markets the most successful in the world. In the past decade, more than 5,600 domestic and foreign enterprises raised an aggregate of over $500 billion through IPOs in U.S. markets. These IPOs served as an engine for corporate growth and active participation by all sectors of the investment community, from venture capitalists to large institutions and individual investors.
Member that serves as investment consultant and sub-administrator for certain mutual funds, but does not serve as either the principal underwriter or an investment adviser or sub-adviser to the funds, may state in its public communications that it does not offer proprietary products.
Transactions in certain medium term notes, purchased and re-sold to retail customers during the offering period, should not be reported to TRACE as set forth in Rule 6230(e)(1) because the transactions are part of a primary distribution.
OATS Clock Synchronization Logs – Record Keeping Requirements.
Clarification of application of OATS rules to customer allocations of executions.
When a member exchanges TRACE-eligible securities for a Creation Unit of an exchange-traded fund ("ETF"), the transfer of TRACE-eligible securities is not required to be reported to TRACE. Similarly, when a member redeems a Creation Unit of an ETF and receives TRACE-eligible securities, their acquisition is not required to be reported to TRACE.
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Separate sales contests are permissible under NASD Rule 2820(g) for group variable contracts.
Direct payments of securities-based compensation by a member to the associated persons of another member are not permitted under NASD Rules 2820(g) and 2830(l) absent an SEC No-action letter or interpretive release. Further, proposed arrangement may require dual registration of associated persons.
Secondary market trading in Fresco Index Shares Funds would be consistent with the requirements of NASD Rules 2830(c) and (g).
Direct payments of securities-based compensation by a member to the associated persons of another member are not permitted under NASD Rules 2820(g) and 2830(l) absent an SEC No-action letter or interpretive release. Further, proposed arrangement may require dual registration of associated persons.
Application of NASD Rules to Member Firms using Pink Sheets Linkage.
If a member engages in a TRACE-eligible securities transaction that is part of an open market issuer repurchase, the member would not be in compliance with Rule 6230 if the member failed to report the transaction in reliance on Rule 6230(e)(3).