Notice to Members 96-70

NASD Reminds Members Of Prohibition Against Commercial Use Of Information Filed Under The Federal Election Campaign Act

Published Date:

Executive Summary

The Federal Election Campaign Act requires federal candidates and political committees that influence federal elections to file various reports and statements with the Federal Election Commission (FEC) and state governments, including lists of individual contributors. These reports and statements may be inspected and copied by anyone, but the names and addresses of individual contributors may not be sold or used for commercial purposes, such as for cold calling by a brokerage firm. Members are reminded that such practices or other commercial use of information derived from FEC reports is illegal and also would constitute a violation of NASD® Rule 2110 (formerly Article III, Section 1 of the NASD Rules of Fair Practice).

Questions regarding this Notice should be directed to Mary Dunbar in the Office of the General Counsel, NASD Regulation, (202) 728-8252.