1140. Electronic Filing Rules
This rule is no longer applicable. NASD Rule 1140 has been superseded by FINRA Rule 1010. Please consult the appropriate FINRA Rule.
(a) Filing Requirement
Except as provided in Rule 1013(a)(2), all forms required to be filed by Article IV, Sections 1, 7, and 8, and Article V, Sections 2 and 3, of the By-Laws shall be filed through an electronic process or such other process the Association may prescribe to the Central Registration Depository.
(b) Supervisory Requirements
(1) In order to comply with the supervisory procedures requirement in Rule 3010, each member shall identify a Registered Principal(s) or corporate officer(s) who has a position of authority over registration functions, to be responsible for supervising the electronic filing of appropriate forms pursuant to this Rule.
(2) The Registered Principal(s) or corporate officer(s) who has or have the responsibility to review and approve the forms filed pursuant to this Rule shall be required to acknowledge, electronically, that he is filing this information on behalf of the member and the member's associated persons.
(c) Form U4 Filing Requirements
(1) Every initial and transfer electronic Form U4 filing shall be based on a signed Form U4 provided to the member or applicant for membership by the person on whose behalf the Form U4 is being filed. As part of the member's recordkeeping requirements, it shall retain the person's signed Form U4 and make it available promptly upon regulatory request. An applicant for membership also must retain every signed Form U4 it receives during the application process and make them available promptly upon regulatory request.
(2) Fingerprint Cards
Upon filing an electronic Form U4 on behalf of a person applying for registration, a member shall promptly submit a fingerprint card for that person. NASD may make a registration effective pending receipt of the fingerprint card. If a member fails to submit a fingerprint card within 30 days after NASD receives the electronic Form U4, the person's registration shall be deemed inactive. In such case, NASD shall notify the member that the person must immediately cease all activities requiring registration and is prohibited from performing any duties and functioning in any capacity requiring registration. NASD shall administratively terminate a registration that is inactive for a period of two years. A person whose registration is administratively terminated may reactivate the registration only by reapplying for registration and meeting the qualification requirements of the applicable provisions of the Rule 1020 Series and the Rule 1030 Series. Upon application and a showing of good cause, NASD may extend the 30-day period.
(d) Form U-5 Filing Requirements
Initial filings and amendments of Form U-5 shall be submitted electronically. As part of the member's recordkeeping requirements, it shall make such records available upon regulatory request.
(e) Third Party Filing
A member may employ a third party to file the required forms electronically on its behalf.
|Amended by SR-NASD-2003-136 eff. Aug. 28, 2003.
Amended by SR-NASD-99-67 eff. Nov. 15, 2000.
Amended and implemented by SR-NASD-99-28 eff. Aug. 16, 1999.
Adopted by SR-NASD-96-21 on July 15, 1996.
Selected Notices: 99-56, 99-63, 00-73.