9521. Purpose and Definitions
This rule is no longer applicable. NASD Rule 9521 has been superseded by FINRA Rule 9521. Please consult the appropriate FINRA Rule.
The Rule 9520 Series sets forth procedures for a person to become or remain associated with a member, notwithstanding the existence of a statutory disqualification as defined in Article III, Section 4 of the NASD By-Laws and for a current member or person associated with a member to obtain relief from the eligibility or qualification requirements of the NASD By-Laws and the Rules of the Association. Such actions hereinafter are referred to as "eligibility proceedings."
(1) The term "Application" means NASD Regulation's Form MC-400 for individuals or Form MC-400A for members, filed with the Central Registration Depository/Public Disclosure.
(2) The term "disqualified member" means a broker, dealer, municipal securities broker or dealer, government securities broker or dealer, or member that is or becomes subject to a disqualification or is otherwise ineligible for membership under Article III, Section 3 of the NASD's By-Laws.
(3) The term "disqualified person" means an associated person or person seeking to become an associated person who is or becomes subject to a disqualification or is otherwise ineligible for association under Article III, Section 3 of the NASD's By-Laws.
(4) The term "sponsoring member" means the member or applicant for membership pursuant to Rule 1013 that is sponsoring the association or continued association of a disqualified person to be admitted, readmitted, or permitted to continue in association.
Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
Selected Notice: 00-56.