Guidance

We offer guidance to firms in the form of podcasts, webinars, FAQs, reports, and more. Use the toggle below to find guidance by topic, type or date. 

5 A B C D E F G H I L M N O P Q R S T V

5

A

B

C

D

E

F

G

H

I

L

M

N

O

P

Q

R

S

T

V

Interpretive Letter
Interpretive Letter to Ms. M. LaRae Bakerink, Pacific American Securities, LLC
Activities requiring registration as an Equity Trader.
August 14, 2000
Interpretive Letter
Interpretive Letter to Mr. Edward Balsmann, Morgan Keegan & Company, Inc.
Supervisory activities requiring registration as an Equity Trader.
August 14, 2000
Interpretive Letter
Interpretive Letter to David M. Rappaport, Esq., INVESTACORP Inc.
Permissible activities for a Series 6 Representative (Limited Representative - Investment Company and
August 11, 2000
Exemptive Letter
Exemptive Letter regarding Rule 2710, Issued by the Corporate Financing Department
Exemption granted to extend exemption previously granted from Rule 2720(l), to [Firm] on June 14, 1999 to include offerings of warrants and purchase contracts and to units consisting of debt securities, warrants, and/or purchase contracts.
August 11, 2000
Interpretive Letter
Interpretive Letter to Alan Feldstein, Esq., Development Corporation for Israel
Application of Customer Account Information and Suitability requirements to member selling one type of security to narrow target audience.
August 04, 2000
Interpretive Letter
Interpretive Letter to Fiona Kaufman, Esq., SVB Securities, Inc.
Satisfying third party download provider requirements of the SEC's rules for electronically stored records.
July 24, 2000
Interpretive Letter
Interpretive Letter to Joanne Ferrari, Weeden & Co., L.P.
Permissible activities of a Series 11 Representative (Assistant Representative/Order Processing).
July 19, 2000
Interpretive Letter
Interpretive Letter to Stephen M. Vine, Esq., Akin, Gump, Strauss, Hauer & Feld, L.L.P.
Activities requiring registration as an Equity Trader.
July 19, 2000
Interpretive Letter
Interpretive Letter to Kathleen A. Wieland, William Blair & Company, L.L.C.

Use of Modified Corporate Name

July 05, 2000
Exemptive Letter
Name Not Public
Exemptive relief is granted based on the following considerations: (1.) the de minimis nature of the Proposed Hire’s Contribution made more than one year ago; (2.) the Contribution was made by an individual who has never been employed in the municipal securities business.
June 30, 2000
Interpretive Letter
Interpretive Letter to Robinson Markel, Esq., Rosenman & Colin, LLP

Adequate documentation of reasonable efforts to borrow, standing alone, would not constitute a circumstance sufficient to mitigate the inability to deliver securities on settlement date where a member has relied upon an "Easy to Borrow" or "Hard to Borrow" list.

June 20, 2000
Interpretive Letter
Interpretive Letter to Steven F. Gatti, Esq., Clifford, Chance, Rogers & Wells

Electronic Batch Approval of New Customer Accounts.

June 15, 2000
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Summer 2000
full_html
June 01, 2000
Interpretive Letter
Interpretive Letter to Michael R. Miller, Esq., Kunkel Miller & Hament

Employee Leasing Arrangement Does Not Violate Rule 2420

May 31, 2000
Exemptive Letter
Laurie L. Green, Esq., Akerman, Senterfitt & Eidson
April 07, 2000
Guidance
Interpretive Letter to Michael L. Kerley, Esq., MML Investors Services, Inc.

Application of Rule 2820 (h) to a non-cash compensation arrangement that excludes variable annuity contracts that are sold in exchange transactions pursuant to Internal Revenue Code Section 1035 or pursuant to a rollover transaction under Internal Revenue Code Section 402.

April 03, 2000
Regulatory and Compliance Alerts (RCA)
Regulatory & Compliance Alert - Spring 2000
full_html
March 01, 2000
Interpretive Letter
Interpretive Letter to Peter D. Koffler, Esq., Twenty-First Securities Corporation
Continuing Commissions permitted where the safeguards required by the rule have been implemented.
January 21, 2000
Interpretive Letter
Interpretive Letter to Gordon C. Ogden, III, Profinancial, Inc.
Joint sales efforts by member firm and non-member real estate firm of private placements in real estate condominium complexes raise the question of whether the realtors or persons acting on behalf of the issuer would be required to register as broker/dealers.
January 18, 2000
Interpretive Letter
Interpretive Letter to Michael T. Dorsey, Knight Securities, L.P.

NASD members must make an affirmative determination for all short sales prior to executing the sale (absent an exemption), including short positions not carried overnight.

January 18, 2000
Exemptive Letter
Name Not Public
The request for exemptive relief is denied. You represent that Firm had established comprehensive and detailed procedures which included the requirement to pre-clear political contributions. Indeed, the firm’s procedures were attached to your exemption request as "Attachment No. 2," and they require that "all public finance employees" of the firm obtain prior approval of political contributions. The CEO did not follow the firm’s established procedures. This lapse by a senior official is significant and leads us to conclude that the request for an exemption should be denied.
January 12, 2000
Interpretive Letter
Interpretive Letter to Karen A. Steighner, Brokerage Administrators Corporation (includes attached incoming letter)
Registration Requirements for Various Teleservicing Activities
December 23, 1999
Interpretive Letter
Interpretive Letter to R. Bruce Hughes, Access Mortgage Services, Inc.

Acceptance by member of referral fee payments by non-member mortgage banker is governed by Rule 3030 and other supervision rules.

December 23, 1999
Interpretive Letter
Interpretive Letter to Yoon-Young Lee, Wilmer, Cutler & Pickering
NASD Regulation Department of Enforcement will not, unless directed otherwise, institute enforcement action against NASD member firms that send group e-mails to two or more existing or prospective customers that qualify as "institutional accounts" under Rule 3110(c)(4) or existing customers that qualify as "qualified purchasers" under Section 3(c)(7) of the Investment Company Act of 1940 without securing prior approval by a registered principal of those communications, subject to the condition that the firms supervise and review the group e-mails in accordance with the standards of Rule 3010(d).
December 17, 1999
Interpretive Letter
Interpretive Letter to Merrill E. Weber, Red Oak Financial Corporation
Market makers should consider the application of SEC Regulation M on market making activity where an issuer with no public market for its common stock is in the process of filing a registration statement and engages the market maker to file a Form 211 for quotation on the OTC Bulletin Board.
December 17, 1999