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5110. Transactions Related to Initial Public Offerings

This rule is no longer applicable. NASD Rule 5110 has been superseded by FINRA Rule 6130. Please consult the appropriate FINRA Rule.

No member or person associated with a member shall execute or cause to be executed, directly or indirectly, a transaction otherwise than on an exchange in a security subject to an initial public offering until such security has first opened for trading on the national securities exchange listing the security, as indicated by the dissemination of an opening transaction in the security by the listing exchange.
Amended by SR-NASD-2006-087 eff. Aug. 1, 2006
Adopted by SR-NASD-2005-087 eff. Aug. 1, 2006.

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