NASD Rule Filing Status (As of April 29, 1996)
To help members track the status of NASD®Rule filings submitted to the Securities and Exchange Commission (SEC), the NASD will publish this information bimonthly in Notices to Members.
Following is a list of Rule filings by the NASD regarding broker/dealer regulation that are pending at the SEC or recently approved. Copies of Rule filings (and any amendments), the SEC release publishing the Rule proposal for comment, and the SEC release approving the Rule change are available from the SEC Public Reference Room at (202) 942-8090 or Kristine Gwilliam, NASD Office of General Counsel, at (202) 728-8821 (in certain cases a fee may be required). NASD Rule changes are not effective until the date approved by the SEC.
Rule Filings That Have Not Been Published For Comment By The SEC
Amend Schedule A to the By-Laws to modify the exception for interest and dividend income from gross revenue for assessment purposes.
Amend Article IV, Section 5 of the Rules of Fair Practice (Rule 8210) to require members to provide information in response to requests by other regulators for regulatory information.
Amend Article III, Sections 26 and 29 of the Rules of Fair Practice (Rules 2830 and 2820) to regulate the receipt by members and their associated persons of cash and non-cash compensation for the sale of investment company and variable contract securities.
Amend The PORTAL Rules, Schedule I to the NASD By-Laws (Rule 5300) to adopt a pilot program for reporting transactions in PORTAL securities.
Rule Filings Published For Comment But Not Yet Approved By The SEC
Amend Schedule D, Part II (Rules 4310 and 4320) to recommend that issuers distribute interim reports and consider technological methods to communicate other information to registered and beneficial shareholders. Published for comment in SEC Rel. No. 34-37010 (03/21/96); 61 F.R. 13909 (03/28/96).
Amend the Rules of Fair Practice to adopt a new section to regulate the conduct of a broker/dealer on the premises of a financial institution. Published for comment in Rel. No. 34-36980 (03/15/96); 61 F.R. 11913 (03/22/96).
Amend Rules of Fair Practice to apply the Rules of Fair Practice to exempted securities (except municipal securities), including government securities, and amend Article III, Section 2 of the Rules of Fair Practice to adopt a new Interpretation of the Board of Governors-Suitability Obligations to Institutional Customers. Published for comment in Rel. No. 34-36383 (10/17/95); 60 F.R. 54530 (10/24/95). Republished for comment in Rel. No. 34-36973 (03/14/96); 61 F.R. 11655 (03/21/96).
Rule Filings Recently Approved By the SEC
Plan of Allocation and Delegation setting forth the purpose, function, governance, procedures and responsibilities of the NASD and its subsidiaries. Accelerated approval granted by the SEC in Rel. No. 34-37107 (4/11/96); 61 F.R.?(4/?/96).
Amend Schedule C, Part III to allow persons in good standing with the Canadian securities regulators to qualify as general securities representatives by exam. Accelerated approval granted by the SEC in Rel. No. 34-36825 (02/09/96); 61 F.R. 6052 (02/15/96).
Modify the NASD's FOCUS Filing Plan to standardize the requirements with those of the other SROs. Accelerated approval granted by the SEC in Rel. No. 34-36780 (01/26/96); 61 F.R. 3743 (02/01/96).
Delete Article V and Amend Articles VII and X of the By-Laws to reconfigure the Board of Governors and establish a national Nominating Committee. Temporary accelerated approval granted by the SEC in Rel. No. 34-37106 (4/11/96); 61 F.R.?(4/?/96).
Amend Interpretation of the Board of GovernorsPrompt Receipt and Delivery of Securities, Article III, Section 1 of the Rules of Fair Practice, to provide that "blanket assurances of availability" may be used to satisfy affirmative determination requirements. Published for comment by the SEC in Rel. No. 34-36717 (01/16/96); 61 F.R. 1805 (01/23/96). Accelerated approval granted by the SEC in Rel. No. 34-36859 (02/20/96); 61 F.R. 7127 (02/26/96).
Amend Section 65 of the Uniform Practice Code Rule (11870) to require that a registered clearing agency use electronic facilities for account transfers. Published for comment by the SEC in Rel. No. 34-36638 (12/26/95); 61 F.R. 206 (01/03/96). Approved by the SEC in Rel. No. 34-36955 (03/11/96); 61 F.R. 11070 (03/18/96).
Amend Section 1 (Rule 11100) and add new Section 73 of the Uniform Practice Code to require the use of standardized limited partnership transfer forms. Published for comment by the SEC in Rel. No. 34-36611 (12/20/95); 60 F.R.67146 (12/28/95). Approved by the SEC in Rel. No. 34-36783 (01/29/96); 61 F.R. 3955 (02/02/96).