Compliance With State Registration Requirements
TO: All NASD Members and Interested Persons
Attention: Compliance and Registration Personnel
This notice is intended to remind members of the importance of compliance with state registration requirements. A number of state securities administrators have been vigorously enforcing state registration requirements with respect to broker-dealer registration, individual salesmen registration, and the registration of securities. In many instances, state securities administrators have examined the principal offices of members and forwarded information to other state securities administrators for action by those respective states. In recent months, such actions have resulted in the denial of registration in some instances and other sanctions. Thus, members should carefully review the requirements of states in which they do business and ensure that they are in compliance with appropriate state registration requirements.
Frank J. Wilson
Executive Vice President
Legal and Compliance