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Extension of Regulatory Relief
| Regulatory Notice | |
Notice Type | |
June 13, 2007
On July 9, 2007, the Regulation NMS Pilot Stock Phase is scheduled to begin. In this regard, as described in NASD Notice to Member (NTM) 07-23, NASD has adopted new transaction reporting modifiers that member firms are required to use when reporting to NASD facilities (each of NASD's Trade Reporting Facilities (TRFs) and the Alternative Display Facility (ADF)), whether a transaction qualifies for an exception or an exemption to SEC Rule 611.
Staff grants exemption from the Short Sale Rule for certain transactions executed through a member's passively-priced trading system.
As a result of a recent review of gift and gratuity practices of over 40 member firms, NASD staff is concerned that members may not be fulfilling their obligations to comply with, and establish adequate supervisory systems and procedures reasonably designed to achieve compliance with, NASD’s rule governing gifts and gratuities – Conduct Rule 3060 (the “gift rule”).
NASD Rule 3010 - Supervision
The staff granted an exemption from NASD Rule 2790 with respect to purchases of “new issues” by the National Railroad Retirement Investment Trust.
NASD Rule 2460 - Payments for Market Making
Services rendered in acting as a Designated Advisor for Disclosure (DAD) for Pink Sheets’ new OTCQX listing may fall within the exception of Rule 2460(b), which permits a member to accept payment for bona fide services; however, this conclusion will depend upon the specific payments made and services that ultimately are rendered.May 2006
In a continuing effort to assist member firms' compliance efforts, NASD is issuing this regular communication, "Improving Examination Results." This document has two sections: "Examination Priorities" and "Frequently Found Violations," both of which relate to NASD's routine examinations of firms. While each firm must establish its own compliance programs and supervisory procedures, members have commented that it is very helpful to them when we share our overall priorities.
The staff granted an exemption from NASD Rule 2790 in connection with new issue offering where all decisions regarding the allocation of shares in the offering are determined at the sole discretion of the issuer.
The staff granted an exemption from NASD Rule 2790 in connection with new issue offering where all decisions regarding the allocation of shares in the offering are determined at the sole discretion of the issuer, and the involvement of a member in the offering is mandated under state law and limited solely to ministerial functions.
October 18, 2005
Noel M. Gruber, Esq.
Kennedy & Baris, L.L.P.
Suite P-15
4701 Sangamore Road
Bethesda, MD 20816
Re: Request for Exemption from Rule 2790
Dear Mr. Gruber: