Proposed New Uniform Definition of "Branch Office" under NASD Rule 3010(g)(2)

NASD has filed with the SEC a proposed rule change to (1) amend NASD Rule 3010(g)(2) to revise the definition of the term "branch office"; and (2) adopt IM-3010-1 to provide guidance on factors to be considered by a member firm in conducting internal inspections of offices. The purpose of the proposed rule change is to facilitate the creation of a branch office registration system through the Central Registration Depository ("CRD")® to provide a more efficient, centralized method for members and associated persons to register branch office locations as required by the rules and regulations of States and self-regulatory organizations, including NASD.