Retired NASD® Rules GENERAL PROVISIONS (0100) 0100. GENERAL PROVISIONS MEMBERSHIP AND REGISTRATION RULES (1000) 1000. MEMBERSHIP, REGISTRATION AND QUALIFICATION REQUIREMENTS IM-1000-1. Filing of Misleading Information as to Membership or Registration IM-1000-2. Status of Persons Serving in the Armed Forces of the United States IM-1000-3. Failure to Register Personnel IM-1000-4. Branch Offices and Offices of Supervisory Jurisdiction 1010. Membership Proceedings 1011. Definitions 1012. General Provisions 1013. New Member Application and Interview 1014. Department Decision 1015. Review by National Adjudicatory Council 1016. Discretionary Review by FINRA Board 1017. Application for Approval of Change in Ownership, Control, or Business Operations 1018. Reserved 1019. Application to Commission for Review 1020. Registration of Principals 1030. Registration of Representatives 1040. Registration of Assistant Representatives and Proctors 1050. Registration of Research Analysts 1060. Persons Exempt from Registration 1070. Qualification Examinations and Waiver of Requirements 1080. Confidentiality of Examinations 1090. Foreign Members 1100. Foreign Associates 1110. Reserved 1120. Continuing Education Requirements 1130. Reliance on Current Membership List 1140. Electronic Filing Rules 1150. Executive Representative 1160. Contact Information Requirements CONDUCT RULES (2000–3000) 2000. BUSINESS CONDUCT 2100. GENERAL STANDARDS 2110. Standards of Commercial Honor and Principles of Trade 2111. Trading Ahead of Customer Market Orders 2120. Use of Manipulative, Deceptive or Other Fraudulent Devices 2130. Obtaining an Order of Expungement of Customer Dispute Information from the Central Registration Depository (CRD System) 2200. COMMUNICATIONS WITH CUSTOMERS AND THE PUBLIC 2210. Communications with the Public 2220. Options Communications 2230. Confirmations 2240. Disclosure of Control Relationship with Issuer 2250. Disclosure of Participation or Interest in Primary or Secondary Distribution 2260. Forwarding of Proxy and Other Materials 2270. Disclosure of Financial Condition to Customers 2280. Investor Education and Protection 2290. Fairness Opinions 2310. Recommendations to Customers (Suitability) 2315. Recommendations to Customers in OTC Equity Securities 2320. Best Execution and Interpositioning 2330. Customers' Securities or Funds 2340. Customer Account Statements 2341. Margin Disclosure Statement 2342. SIPC Information 2350. Broker/Dealer Conduct on the Premises of Financial Institutions 2360. Approval Procedures for Day-Trading Accounts 2361. Day-Trading Risk Disclosure Statement 2370. Borrowing From or Lending to Customers 2410. Net Prices to Persons Not in Investment Banking or Securities Business 2420. Dealing with Non-Members 2430. Charges for Services Performed 2440. Fair Prices and Commissions 2441. Net Transactions with Customers 2450. Installment or Partial Sales 2460. Payments for Market Making 2510. Discretionary Accounts 2520. Margin Requirements 2710. Corporate Financing Rule — Underwriting Terms and Arrangements 2711. Research Analysts and Research Reports 2720. Public Offerings of Securities With Conflicts of Interest 2730. Securities Taken in Trade 2740. Selling Concessions, Discounts and Other Allowances 2750. Transactions with Related Persons 2760. Offerings 'At the Market' 2770. Disclosure of Price in Selling Agreements 2780. Solicitation of Purchases on an Exchange to Facilitate a Distribution of Securities 2790. Restrictions on the Purchase and Sale of Initial Equity Public Offerings 2800. SPECIAL PRODUCTS 2810. Direct Participation Programs 2820. Variable Contracts of an Insurance Company 2821. Members' Responsibilities Regarding Deferred Variable Annuities 2830. Investment Company Securities 2840. Trading in Index Warrants, Currency Index Warrants, and Currency Warrants 2841. General 2842. Definitions 2843. Account Approval 2844. Suitability 2845. Discretionary Accounts 2846. Supervision of Accounts 2847. Customer Complaints 2848. Communications with the Public and Customers Concerning Index Warrants, Currency Index Warrants, and Currency Warrants 2849. Maintenance of Records 2850. Position Limits 2851. Exercise Limits 2852. Reserved 2853. Liquidation of Index Warrant Positions 2854. Reserved 2860. Options 2865. Security Futures 2870. Reserved 2900. RESPONSIBILITIES TO OTHER BROKERS OR DEALERS 3000. RESPONSIBILITIES RELATING TO ASSOCIATED PERSONS, EMPLOYEES, AND OTHERS' EMPLOYEES 3010. Supervision 3011. Anti-Money Laundering Compliance Program 3012. Supervisory Control System 3013. Annual Certification of Compliance and Supervisory Processes 3020. Fidelity Bonds 3030. Outside Business Activities of an Associated Person 3040. Private Securities Transactions of an Associated Person 3050. Transactions for or by Associated Persons 3060. Influencing or Rewarding Employees of Others 3070. Reporting Requirements 3080. Disclosure to Associated Persons When Signing Form U-4 3090. Transactions Involving Association and American Stock Exchange Employees 3110. Books and Records 3115. Requirements for Alternative Trading Systems to Record and Transmit Order and Execution Information for Security Futures 3120. Use of Information Obtained in Fiduciary Capacity 3121. Custodian of the Record 3130. Regulation of Activities of Members Experiencing Financial and/or Operational Difficulties 3131. Regulation of Activities of Section 15C Members Experiencing Financial and/or Operational Difficulties 3140. Approval of Change in Exempt Status Under SEC Rule 15c3-3 3150. Reporting Requirements for Clearing Firms 3160. Extensions of Time Under Regulation T and SEC Rule 15c3-3 3170. Mandatory Electronic Filing Requirements 3200. SETTLEMENTS 3300. TRADING 3310. Publication of Transactions and Quotations 3320. Offers at Stated Prices 3330. Payment Designed to Influence Market Prices, Other than Paid Advertising 3340. Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts 3360. Short-Interest Reporting 3370. Purchases 3380. Order Entry and Execution Practices 3500. EMERGENCY PREPAREDNESS 3510. Business Continuity Plans 3520. Emergency Contact Information MARKETPLACE RULES (4000–7000) 4000. THE NASD/NASDAQ TRADE REPORTING FACILITY 4100. General 4200. Definitions 4616. Reports 4618. Clearance and Settlement 4621. Suspension and Termination by NASD Action 4622. Termination of NASD/Nasdaq Trade Reporting Facility Service 4630. Reporting Transactions in Designated Securities 4000A. NASD ALTERNATIVE DISPLAY FACILITY 4100A. GENERAL 4200A. DEFINITIONS 4300A. QUOTE AND ORDER ACCESS REQUIREMENTS 4400A. REVIEW OF DIRECT OR INDIRECT ACCESS COMPLAINTS 4600A. TRADING IN ADF-ELIGIBLE SECURITIES 4610A. Registration and Other Requirements 4611A. Registration as an ADF Market Maker or ADF ECN 4612A. Reserved 4613A. Character of Quotations 4614A. Reserved 4615A. Reserved 4616A. Reserved 4617A. Normal Business Hours 4618A. Clearance and Settlement 4619A. Withdrawal of Quotations 4620A. Voluntary Termination of Registration 4630A. Reporting Transactions in ADF-Eligible Securities 4000C. THE NASD/NSX TRADE REPORTING FACILITY 4000E. THE NASD/NYSE TRADE REPORTING FACILITY 4100E. GENERAL 4110E. Use of NASD/NYSE Trade Reporting Facility on a Test Basis 4200E. Definitions 4616E. Reports 4618E. Clearance and Settlement 4621E. Suspension and Termination by NASD Action 4622E. Termination of NASD/NYSE Trade Reporting Facility Service 4630E. Reporting Transactions in Designated Securities 5000. TRADING OTHERWISE THAN ON AN EXCHANGE 6000. NASD SYSTEMS AND PROGRAMS 6100. CLEARING AND COMPARISON RULES 6110. Definitions 6120. Trade Reporting Participation Requirements 6130. Trade Report Input 6140. Trade Report Processing 6160. Obligation to Honor Trades 6170. Audit Trail Requirements 6180. Violation of Reporting Rules 6190. Termination of Access 6200. TRADE REPORTING AND COMPLIANCE ENGINE (TRACE) 6210. Definitions 6220. Participation in TRACE 6230. Transaction Reporting 6240. Termination of TRACE Service 6250. Dissemination of Transaction Information 6260. Managing Underwriter or Group of Underwriters Obligation To Obtain CUSIP and Provide Notice 6500. OTC BULLETIN BOARD® SERVICE 6600. OVER-THE-COUNTER EQUITY SECURITIES 6700. TRANSACTION REPORTING IN PORTAL® SECURITIES 6900. REPORTING TRANSACTIONS IN DIRECT PARTICIPATION PROGRAMS 6000A. NASD ADF SYSTEMS AND PROGRAMS 6100A. TRACS TRADE COMPARISON SERVICE 6110A. Definitions 6120A. Participation in TRACS Trade Comparison Feature by Participants in the Alternative Display Facility 6130A. Trade Report Input 6140A. TRACS Processing 6150A. Reserved 6160A. Obligation to Honor Trades 6170A. Audit Trail Requirements 6180A. Reserved 6190A. Termination of TRACS Service 6000C. NASD/NSX TRADE REPORTING FACILITY SYSTEMS AND PROGRAMS 6000E. NASD/NYSE TRADE REPORTING FACILITY SYSTEMS AND PROGRAMS 6100E. CLEARING AND COMPARISON RULES 6110E. Definitions 6120E. Trade Reporting Participation Requirements 6130E. Trade Report Input 6140E. Trade Report Processing 6160E. Obligation to Honor Trades 6170E. Audit Trail Requirements 6180E. Violation of Reporting Rules 6190E. Termination of Access 7000. CHARGES FOR OTC REPORTING FACILITY, OTC BULLETIN BOARD AND TRADE REPORTING AND COMPLIANCE ENGINE SERVICES 7010. OTC Reporting Facility 7020. OTC Bulletin Board Service 7030. Trade Reporting and Compliance Engine (TRACE) 7040. Historical Research and Administrative Reports 7000A. CHARGES FOR ADF SERVICES AND EQUIPMENT 7010A. System Services 7020A. Equipment Related Charges 7030A. Reserved 7040A. Installation, Removal, Relocation or Maintenance 7050A. Other Services 7060A. Partial Month Charges 7070A. Reserved 7080A. Late Fees 7100A. Minor Modifications in Charges 7000B. CHARGES FOR NASD/NASDAQ TRADE REPORTING FACILITY SERVICES 7001B. Securities Transaction Credit 7002B. NASD/Nasdaq Trade Reporting Facility Reporting Fees 7003B. Aggregation of Activity of Affiliated Members 7004B. Late Fees 7000C. CHARGES FOR NASD/NSX TRADE REPORTING FACILITY SERVICES 7000E. CHARGES FOR NASD/NYSE TRADE REPORTING FACILITY SERVICES 7001E. Securities Transaction Credit 7002E. NASD/NYSE Trade Reporting Facility Reporting Fees PROCEDURAL RULES (8000–14000) 8000. INVESTIGATIONS AND SANCTIONS 8100. GENERAL PROVISIONS 8110. Availability of Manual to Customers 8120. Definitions 8200. INVESTIGATIONS 8210. Provision of Information and Testimony and Inspection and Copying of Books 8220. Reserved 8300. SANCTIONS 8310. Sanctions for Violation of the Rules 8320. Payment of Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure to Pay 8330. Costs of Proceedings 9000. CODE OF PROCEDURE 9100. APPLICATION AND PURPOSE 9110. Application 9120. Definitions 9130. Service; Filing of Papers 9131. Service of Complaint and Document Initiating a Proceeding 9132. Service of Orders, Notices, and Decisions by Adjudicator 9133. Service of Papers Other Than Complaints, Orders, Notices, or Decisions 9134. Methods of, Procedures for Service 9135. Filing of Papers with Adjudicator: Procedure 9136. Filing of Papers: Form 9137. Filing of Papers: Signature Requirement and Effect 9138. Computation of Time 9140. Proceedings 9141. Appearance and Practice; Notice of Appearance 9142. Withdrawal by Attorney or Representative 9143. Ex Parte Communications 9144. Separation of Functions 9145. Rules of Evidence; Official Notice 9146. Motions 9147. Rulings On Procedural Matters 9148. Interlocutory Review 9150. Exclusion From Rule 9000 Series Proceeding 9160. Recusal or Disqualification 9200. DISCIPLINARY PROCEEDINGS 9210. Complaint and Answer 9211. Authorization of Complaint 9212. Complaint Issuance — Requirements, Service, Amendment, Withdrawal, and Docketing 9213. Assignment of Hearing Officer and Appointment of Panelists to Hearing Panel or Extended Hearing Panel 9214. Consolidation or Severance of Disciplinary Proceedings 9215. Answer to Complaint 9216. Acceptance, Waiver, and Consent; Plan Pursuant to SEC Rule 19d-1(c)(2) 9220. Request for Hearing; Extensions of Time, Postponements, Adjournments 9221. Request for Hearing 9222. Extensions of Time, Postponements, and Adjournments 9230. Appointment of Hearing Panel, Extended Hearing Panel 9231. Appointment by the Chief Hearing Officer of Hearing Panel or Extended Hearing Panel or Replacement Hearing Officer 9232. Criteria for Selection of Panelists and Replacement Panelists 9233. Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Hearing Officers 9234. Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Panelists 9235. Hearing Officer Authority 9240. Pre-hearing Conference and Submission 9241. Pre-hearing Conference 9242. Pre-hearing Submission 9250. Discovery 9251. Inspection and Copying of Documents in Possession of Staff 9252. Requests for Information 9253. Production of Witness Statements 9260. Hearing and Decision 9261. Evidence and Procedure in Hearing 9262. Testimony 9263. Evidence: Admissibility 9264. Motion for Summary Disposition 9265. Record of Hearing 9266. Proposed Findings of Fact, Conclusions of Law, and Post-Hearing Briefs 9267. Record; Supplemental Documents Attached to Record; Retention 9268. Decision of Hearing Panel or Extended Hearing Panel 9269. Default Decisions 9270. Settlement Procedure 9280. Contemptuous Conduct 9290. Expedited Disciplinary Proceedings 9300. REVIEW OF DISCIPLINARY PROCEEDING BY NATIONAL ADJUDICATORY COUNCIL AND NASD BOARD; APPLICATION FOR COMMISSION REVIEW 9310. Appeal to or Review by National Adjudicatory Council 9311. Appeal by Any Party; Cross-Appeal 9312. Review Proceeding Initiated By Adjudicatory Council 9313. Counsel to National Adjudicatory Council 9320. Transmission of Record; Extensions of Time, Postponements, Adjournments 9321. Transmission of Record 9322. Extensions of Time, Postponements, Adjournments 9330. Appointment of Subcommittee or Extended Proceeding Committee; Disqualification and Recusal 9331. Appointment of Subcommittee or Extended Proceeding Committee 9332. Disqualification and Recusal 9340. Proceedings 9341. Oral Argument 9342. Failure to Appear at Oral Argument 9343. Disposition Without Oral Argument 9344. Failure to Participate Below; Abandonment of Appeal 9345. Subcommittee or Extended Proceeding Committee Recommended Decision to National Adjudicatory Council 9346. Evidence in National Adjudicatory Council Proceedings 9347. Filing of Papers in National Adjudicatory Council Proceedings 9348. Powers of the National Adjudicatory Council on Review 9349. National Adjudicatory Council Formal Consideration; Decision 9350. Discretionary Review by NASD Board 9351. Discretionary Review by NASD Board 9360. Effectiveness of Sanctions 9370. Application to Commission for Review 9400. Reserved 9500. OTHER PROCEEDINGS 9510. Reserved 9520. Eligibility Proceedings 9521. Purpose and Definitions 9522. Initiation of Eligibility Proceeding; Member Regulation Consideration 9523. Acceptance of Member Regulation Recommendations and Supervisory Plans by Consent Pursuant to SEC Rule 19h-1 9524. National Adjudicatory Council Consideration 9525. Discretionary Review by the NASD Board 9526. Expedited Review 9527. Application to Commission for Review 9530. Suspension or Cancellation for Failure to Pay Dues, Fees and Other Charges 9550. Expedited Proceedings 9551. Failure to Comply with Public Communication Standards 9552. Failure to Provide Information or Keep Information Current 9553. Failure to Pay NASD Dues, Fees and Other Charges 9554. Failure to Comply with an Arbitration Award or Related Settlement 9555. Failure to Meet the Eligibility or Qualification Standards or Prerequisites for Access to Services 9556. Failure to Comply with Temporary and Permanent Cease and Desist Orders 9557. Procedures for Regulating Activities Under Rules 3130 and 3131 Regarding a Member Experiencing Financial or Operational Difficulties 9558. Summary Proceedings for Actions Authorized by Section 15A(h)(3) of the Act 9559. Hearing Procedures for Expedited Proceedings Under the Rule 9550 Series 9600. PROCEDURES FOR EXEMPTIONS 9610. Application 9620. Decision 9630. Appeal 9700. PROCEDURES ON GRIEVANCES CONCERNING THE AUTOMATED SYSTEMS 9710. Purpose 9720. Form of Application 9730. Request for Hearing 9740. Consideration of Applications 9750. Decision 9760. Review by the Committee 9770. Application to Commission for Review 9800. TEMPORARY CEASE AND DESIST ORDERS 10000. CODE OF ARBITRATION PROCEDURE 11000. UNIFORM PRACTICE CODE 11100. SCOPE OF UNIFORM PRACTICE CODE 11200. COMPARISONS OR CONFIRMATIONS AND "DON'T KNOW NOTICES" 11210. Sent by Each Party 11220. Description of Securities 11300. DELIVERY OF SECURITIES 11310. Book-Entry Settlement 11320. Dates of Delivery 11330. Payment 11340. Stamp Taxes 11350. Part Delivery 11360. Units of Delivery IM-11360. Uniform Delivery Ticket Form 11361. Units of Delivery — Stocks 11362. Units of Delivery — Bonds 11363. Units of Delivery — Unit Investment Trust Securities 11364. Units of Delivery — Certificates of Deposit for Bonds 11400. DELIVERY OF SECURITIES WITH DRAFT ATTACHED 11410. Acceptance of Draft 11500. DELIVERY OF SECURITIES WITH RESTRICTIONS 11510. Delivery of Temporary Certificates 11520. Delivery of Mutilated Securities 11530. Delivery of Securities Called for Redemption or Which Are Deemed Worthless 11540. Delivery Under Government Regulations 11550. Assignments and Powers of Substitution; Delivery of Registered Securities 11560. Certificate of Company Whose Transfer Books Are Closed 11570. Certificates in Various Names 11571. Certificate in Name of Corporation IM-11571. Sample Certificate and Authorizing Resolution/Certificate of Incumbency 11572. Certificate in Name of Firm 11573. Certificate in Name of Dissolved Firm Succeeded by New Firm 11574. Certificate in Name of Deceased Person, Trustee, etc. IM-11574. Sample Limited Partnership Change of Trustee Form 11580. Transfer of Limited Partnership Securities 11600. DELIVERY OF BONDS AND OTHER EVIDENCES OF INDEBTEDNESS 11610. Liability for Expenses 11620. Computation of Interest 11630. Due-Bills and Due-Bill Checks 11640. Claims for Dividends, Rights, Interest, etc. 11650. Transfer Fees 11700. RECLAMATIONS AND REJECTIONS 11710. General Provisions 11720. Irregular Delivery — Transfer Refused — Lost or Stolen Securities 11730. Called Securities 11740. Marking to the Market 11800. CLOSE-OUT PROCEDURES 11810. Buying-In IM-11810. Sample Buy-In Forms 11810. (continued) Buying-In 11820. Selling-Out 11830. Reserved. 11840. Rights and Warrants 11860. Acceptance and Settlement of COD Orders 11870. Customer Account Transfer Contracts 11880. Settlement of Syndicate Accounts 11890. Clearly Erroneous Transactions 11900. Clearance of Corporate Debt Securities 12000. NASD CODE OF ARBITRATION PROCEDURE FOR CUSTOMER DISPUTES PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY IM-12000. Failure to Act Under Provisions of Code of Arbitration Procedure for Customer Disputes 12100. Definitions 12101. Applicability of Code and Incorporation by Reference 12102. National Arbitration and Mediation Committee 12103. Director of Dispute Resolution 12104. Effect of Arbitration on NASD Regulatory Activities 12105. Agreement of the Parties PART II GENERAL ARBITRATION RULES 12200. Arbitration Under an Arbitration Agreement or the Rules of NASD 12201. Elective Arbitration 12202. Claims Against Inactive Members 12203. Denial of NASD Forum 12204. Class Action Claims 12205. Shareholder Derivative Actions 12206. Time Limits 12207. Extension of Deadlines 12208. Representation of Parties 12209. Legal Proceedings 12210. Ex Parte Communications 12211. Direct Communication Between Parties and Arbitrators 12212. Sanctions 12213. Hearing Locations 12214. Payment of Arbitrators PART III INITIATING AND RESPONDING TO CLAIMS 12300. Filing and Serving Documents 12301. Service on Associated Persons 12302. Filing an Initial Statement of Claim 12303. Answering the Statement of Claim 12304. Answering Counterclaims 12305. Answering Cross Claims 12306. Answering Third Party Claims 12307. Deficient Claims 12308. Loss of Defenses Due to Untimely or Incomplete Answer 12309. Amending Pleadings 12310. Answering Amended Claims 12311. Amendments to Amount in Dispute 12312. Multiple Claimants 12313. Multiple Respondents 12314. Combining Claims PART IV APPOINTMENT, DISQUALIFICATION, AND AUTHORITY OF ARBITRATORS 12400. Neutral List Selection System and Arbitrator Rosters 12401. Number of Arbitrators 12402. Composition of Arbitration Panels 12403. Generating and Sending Lists to the Parties 12404. Striking and Ranking Arbitrators 12405. Combining Lists 12406. Appointment of Arbitrators; Discretion to Appoint Arbitrators Not on List 12407. Additional Parties 12408. Disclosures Required of Arbitrators 12409. Arbitrator Recusal 12410. Removal of Arbitrator by Director 12411. Replacement of Arbitrators 12412. Directors Discretionary Authority 12413. Jurisdiction of Panel and Authority to Interpret the Code 12414. Determinations of Arbitration Panel PART V PREHEARING PROCEDURES AND DISCOVERY 12500. Initial Prehearing Conference 12501. Other Prehearing Conferences 12502. Recording Prehearing Conferences 12503. Motions 12504. Reserved 12505. Cooperation of Parties in Discovery 12506. Document Production Lists 12507. Other Discovery Requests 12508. Objecting to Discovery; Waiver of Objection 12509. Motions to Compel Discovery 12510. Depositions 12511. Discovery Sanctions 12512. Subpoenas 12513. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas 12514. Exchange of Documents and Witness Lists Before Hearing PART VI HEARINGS; EVIDENCE; CLOSING THE RECORD 12600. Required Hearings 12601. Postponement of Hearings 12602. Attendance at Hearings 12603. Failure to Appear 12604. Evidence 12605. Witness Oath 12606. Record of Proceedings 12607. Order of Presentation of Evidence and Arguments 12608. Closing the Record 12609. Reopening the Record PART VII TERMINATION OF AN ARBITRATION BEFORE AWARD 12700. Dismissal of Proceedings Prior to Award 12701. Settlement 12702. Withdrawal of Claims PART VIII SIMPLIFIED ARBITRATION AND DEFAULT PROCEEDINGS 12800. Simplified Arbitration 12801. Default Proceedings 12805. Expungement of Customer Dispute Information under Rule 2130 PART IX FEES AND AWARDS 12900. Fees Due When a Claim Is Filed 12901. Member Surcharge 12902. Hearing Session Fees, and Other Costs and Expenses 12903. Process Fees Paid by Members 12904. Awards 12905. Submissions After a Case Has Closed 13000. NASD CODE OF ARBITRATION PROCEDURE FOR INDUSTRY DISPUTES PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION, AND AUTHORITY IM-13000. Failure to Act Under Provisions of Code of Arbitration Procedure for Industry Disputes 13100. Definitions 13101. Applicability of Code and Incorporation by Reference 13102. National Arbitration and Mediation Committee 13103. Director of Dispute Resolution 13104. Effect of Arbitration on NASD Regulatory Activities 13105. Agreement of the Parties PART II GENERAL ARBITRATION RULES 13200. Required Arbitration 13201. Statutory Employment Discrimination Claims 13202. Claims Involving Registered Clearing Agencies 13203. Denial of NASD Forum 13204. Class Action Claims 13205. Shareholder Derivative Actions 13206. Time Limits 13207. Extension of Deadlines 13208. Representation of Parties 13209. Legal Proceedings 13210. Ex Parte Communications 13211. Direct Communication Between Parties and Arbitrators 13212. Sanctions 13213. Hearing Locations 13214. Payment of Arbitrators PART III INITIATING AND RESPONDING TO CLAIMS 13300. Filing and Serving Documents 13301. Service on Associated Persons 13302. Filing an Initial Statement of Claim 13303. Answering the Statement of Claim 13304. Answering Counterclaims 13305. Answering Cross Claims 13306. Answering Third Party Claims 13307. Deficient Claims 13308. Loss of Defenses Due to Untimely or Incomplete Answer 13309. Amending Pleadings 13310. Answering Amended Claims 13311. Amendments to Amount in Dispute 13312. Multiple Claimants 13313. Multiple Respondents 13314. Combining Claims PART IV APPOINTMENT, DISQUALIFICATION, AND AUTHORITY OF ARBITRATORS 13400. Neutral List Selection System and Arbitrator Rosters 13401. Number of Arbitrators 13402. Composition of Arbitration Panels in Cases Not Involving a Statutory Discrimination Claim 13403. Generating and Sending Lists to the Parties 13404. Striking and Ranking Arbitrators 13405. Combining Lists 13406. Appointment of Arbitrators; Discretion to Appoint Arbitrators Not on List 13407. Additional Parties 13408. Disclosures Required of Arbitrators 13409. Arbitrator Recusal 13410. Removal of Arbitrator by Director 13411. Replacement of Arbitrators 13412. Director's Discretionary Authority 13413. Jurisdiction of Panel and Authority to Interpret the Code 13414. Determinations of Arbitration Panel PART V PREHEARING PROCEDURES AND DISCOVERY 13500. Initial Prehearing Conference 13501. Other Prehearing Conferences 13502. Recording Prehearing Conferences 13503. Motions 13504. Reserved 13505. Cooperation of Parties in Discovery 13506. Discovery Requests 13507. Responding to Discovery Requests 13508. Objecting to Discovery Requests; Waiver of Objection 13509. Motions to Compel Discovery 13510. Depositions 13511. Discovery Sanctions 13512. Subpoenas 13513. Authority of Panel to Direct Appearances of Associated Persons and Production of Documents Without Subpoenas 13514. Exchange of Documents and Witness Lists Before Hearing PART VI HEARINGS; EVIDENCE; CLOSING THE RECORD 13600. Required Hearings 13601. Postponement of Hearings 13602. Attendance at Hearings 13603. Failure to Appear 13604. Evidence 13605. Witness Oath 13606. Record of Proceedings 13607. Order of Presentation of Evidence and Arguments 13608. Closing the Record 13609. Reopening the Record PART VII TERMINATION OF AN ARBITRATION BEFORE AWARD 13700. Dismissal of Proceedings Prior to Award 13701. Settlement 13702. Withdrawal of Claims PART VIII SIMPLIFIED ARBITRATION; DEFAULT PROCEEDINGS; STATUTORY EMPLOYMENT DISCRIMINATION CLAIMS; AND INJUNCTIVE RELIEF 13800. Simplified Arbitration 13801. Default Proceedings 13802. Statutory Employment Discrimination Claims 13803. Coordination of Statutory Employment Discrimination Claims Filed in Court and in Arbitration 13804. Temporary Injunctive Orders; Requests for Permanent Injunctive Relief 13805. Expungement of Customer Dispute Information under Rule 2130 PART IX FEES AND AWARDS 13900. Fees Due When a Claim Is Filed 13901. Member Surcharge 13902. Hearing Session Fees, and Other Costs and Expenses 13903. Process Fees Paid by Members 13904. Awards 13905. Submissions After a Case Has Closed 14000. NASD CODE OF MEDIATION PROCEDURE 14100. Definitions 14101. Applicability of Code 14102. National Arbitration and Mediation Committee 14103. Director of Mediation 14104. Mediation under the Code 14105. Effect of Mediation on Arbitration Proceedings 14106. Representation of Parties 14107. Mediator Selection 14108. Limitation on Liability 14109. Mediation Ground Rules 14110. Mediation Fees Retired Incorporated NYSE Rules General Rules (Rules 1-38) Definitions of Terms (Rules 1–19) Rule 1. "The Exchange" Rule 2. "Member," "Membership," "Member Firm," etc. Rule 2A. Jurisdiction Rule 2B. No Affiliation between Exchange and any Member Organization Rule 3. "Security" Rule 4. "Stock" Rule 5. "Bond" Rule 6. "Floor" Rule 8. "Delivery" Rule 9. "Branch Office Manager" Rule 10. "Registered Representative" Rule 11. Effect of Definitions Rule 12. "Business Day" Dealings and Settlements (Rules 45-299C) Comparisons and Exchange of Contracts (Rules 130-143) Rule 134. Differences and Omissions-Cleared Transactions Settlement of Contracts (Rules 175-227) Rule 176. Delivery Time Rule 180. Failure to Deliver Closing Contracts (Rules 280-295) Rule 282. Buy-in Procedures Rule 283. Members Closing Contracts—Procedure Rule 285. Notice of Intention to Successive Parties Rule 286. Closing Portion of Contract Rule 287. Liability of Succeeding Parties Rule 288. Notice of Closing to Successive Parties Rule 289. Must Receive Delivery Rule 290. Defaulting Party May Deliver After "Buy-In" Notice Rule 291. Failure to Fulfill Closing Contract Rule 292. Restrictions on Members' Participation in Transaction to Close Defaulted Contracts Rule 293. Closing Contracts in Suspended Securities Rule 294. Default in Loan of Money Liquidation of Securities Loans and Borrowings (Rule 296) Rule 296. Liquidation of Securities Loans and Borrowings Admission of Members (Rules 300–324) Partnerships—Corporations (Rules 311–324) Rule 311. Formation and Approval of Member Organizations Rule 312. Changes Within Member Organizations Rule 313. Submission of Partnership Articles—Submission of Corporate Documents Rule 319. Fidelity Bonds Rule 321. Formation or Acquisition of Subsidiaries Rule 322. Guarantees by, or Flow Through Benefits for Members or Member Organizations Operation of Member Organizations (Rules 325-465) Capital Requirements (Rules 325-328) Rule 325. Capital Requirements Member Organizations Rule 326(a). Growth Capital Requirement Rule 326(b). Business Reduction Capital Requirement Rule 326(c). Unsecured Loans and Advances Rule 326(d). Reduction of Elimination of Loans and Advances Rule 328. Sale-And-Leasebacks, Factoring, Financing and Similar Arrangements Offices and Employees (Rules 341-354) Rule 342. Offices—Approval, Supervision and Control Rule 343. Offices—Sole Tenancy, and Hours Rule 344. Research Analysts and Supervisory Analysts Rule 345. Employees—Registration, Approval, Records Rule 346. Limitations—Employment and Association with Members and Member Organizations Rule 350. Compensation or Gratuities to Employees of Others Rule 351. Reporting Requirements Rule 352. Guarantees, Sharing in Accounts, and Loan Arrangements Rule 353. Rebates and Compensation Rule 354. Reports to Control Persons Commissions (Rules 365-390) Rule 375. Missing the Market Rule 382. Carrying Agreements Rule 387. COD Orders Special Offerings, Exchange, and Secondary Distribution (Rules 391-396) Rule 392. Notification Requirements for Offerings of Listed Securities Conduct of Accounts (Rules 401-414) Rule 401. Business Conduct Rule 401A. Customer Complaints Rule 402. Customer Protection—Reserves and Custody of Securities Rule 404. Individual Members Not to Carry Accounts Rule 405. Diligence as to Accounts Rule 405A. Non-Managed Fee-Based Account Programs—Disclosure and Monitoring Rule 406. Designation of Accounts Rule 407. Transactions—Employees of Members, Member Organizations and the Exchange Rule 407A. Disclosure of All Member Accounts Rule 408. Discretionary Power in Customers' Accounts Rule 409. Statements of Accounts to Customers Rule 409A. SIPC Disclosures Rule 410. Records of Orders Rule 411. Erroneous Reports Rule 412. Customer Account Transfer Contracts Rule 413. Uniform Forms Rule 414. Index and Currency Warrants Financial Statements and Reports (Rules 415-425) Rule 416. Questionnaires and Reports Rule 416A. Member And Member Organization Profile Information Updates And Quarterly Certifications Via The Electronic Filing Platform Rule 418. Audit Rule 420. Reports of Borrowings and Subordinate Loans For Capital Purposes Rule 421. Periodic Reports Rule 424. Reports of Options Margins (Rules 430-434) Rule 430. Partial Delivery of Securities to Customers on C.O.D. Purchases Rule 431. Margin Requirements Rule 432. Daily Record of Required Margin Rule 434. Required Submission of Requests for Extensions of Time for Customers Miscellaneous Rules and Provisions (Rules 435-440K) Rule 435. Miscellaneous Prohibitions Rule 436. Interest on Credit Balances Rule 440. Books and Records Rule 440A. Telephone Solicitation Rule 440F. Public Short Sale Transactions Effected on the Exchange Rule 440G. Transactions in Stocks and Warrants for the Accounts of Members, Principal Executives and Member Organizations Rule 440I. Records of Compensation Arrangements—Floor Brokerage Rule 445. Anti-Money Laundering Compliance Program Rule 446. Business Continuity and Contingency Plans Communications with the Public (Rules 471–474B) Rule 472. Communications With The Public Disciplinary Rules (Rules 475-477) Rule 477. Retention of Jurisdiction—Failure to Cooperate Options Rules (Rules 700-794) Rule 700. Applicability, Definitions and References Rule 704. Position Limits Rule 705. Exercise Limits Rule 707. Liquidation of Positions Rule 709. Other Restrictions on Exchange Option Transactions and Exercises Rule 720. Registration of Options Principals Rule 721. Opening of Accounts Rule 722. Supervision of Accounts Rule 723. Suitability Rule 724. Discretionary Accounts Rule 725. Confirmations Rule 726. Delivery of Options Disclosure Document and Prospectus Rule 727. Transactions with Issuers Rule 728. Restricted Stock Rule 730. Statement of Accounts Rule 732. Customer Complaints Rule 780. Exercise of Option Contracts Rule 781. Allocation of Exercise Assignment Notices Rule 791. Communications to Customers Retired Incorporated NYSE Rule Interpretations Rule 10 "Registered Representative" Rule 296 Liquidation of Securities Loans and Borrowings Rule 311 Formation and Approval of Member Organizations Rule 313 Submission of Partnership Articles Submission of Corporate Documents Rule 319 Fidelity Bonds Rule 325 Capital Requirements Rule 342 Offices — Approval, Supervision and Control Rule 343 Offices — Sole Tenancy, Hours, Display of Membership Certificates Rule 344 Research Analysts and Supervisory Analysts Rule 345 Employees — Registration, Approval, Records Rule 346 Limitations — Employment and Association with Member Organizations Rule 350 Compensation or Gratuities to Employees of Others Rule 351 Reporting Requirements Rule 382 Carrying Agreements Rule 375 Missing the Market Rule 387 COD Orders Rule 401 Business Conduct Rule 402 Customer Protection — Reserves and Custody of Securities Rule 405 Diligence as to Accounts Rule 407 Transactions — Employees of Member Organizations and the Exchange Rule 408 Discretionary Power in Customers' Accounts Rule 409 Statements of Accounts to Customers Rule 410 Records of Orders Rule 412 Customer Account Transfer Contracts Rule 416 Questionnaires and Reports Rule 430 Partial Delivery of Securities to Customers on C.O.D. Purchases Rule 431 Margin Requirements Rule 435(5) Circulation of Rumors Rule 436 Interest on Credit Balance Rule 440.20 Suspense Accounts Rule 440A Telephone Solicitation Rule 472 Communications with the Public Book traversal links for Retired Rules Retired NASD® Rules ›
