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1090. Foreign Members
This rule is no longer applicable. NASD Rule 1090 has been superseded by FINRA Rule 1021. Please consult the appropriate FINRA Rule.
A member which does not maintain an office in the United States responsible for preparing and maintaining financial and other reports required to be filed with the Commission and the Association must:
(a) prepare all such reports, and maintain a general ledger chart of account and any description thereof, in English and U.S. dollars;
(b) reimburse the Association for any expenses incurred in connection with examinations of the member to the extent that such expenses exceed the cost of examining a member located within the continental United States in the geographic location most distant from the District Office of appropriate jurisdiction;
(c) ensure the availability of an individual fluent in English and knowledgeable in securities and financial matters to assist representatives of the Association during examinations; and
(d) utilize, either directly or indirectly, the services of a broker/dealer registered with the Commission, a bank or a clearing agency registered with the Commission located in the United States in clearing all transactions involving members of the Association, except where both parties to a transaction agree otherwise.
|Adopted by SR-NASD-82-17 eff. Apr. 11, 1983.|