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IM-8310-2. NASD BrokerCheck Disclosure

This rule is no longer applicable. NASD IM-8310-2 has been superseded by FINRA Rule 8312. Please consult the appropriate FINRA Rule.

(a) In response to a written inquiry, electronic inquiry, or telephonic inquiry via a toll-free telephone listing, NASD shall release information regarding a current or former member, an associated person, or a person who was associated with a member within the preceding two years, through NASD BrokerCheck.
(b) Except as otherwise provided in paragraph (c) below, NASD shall release:
(1) any information reported on the most recently filed Form U4, Form U5, Form U6, Form BD, and Form BDW (collectively "Registration Forms");
(2) currently approved registrations;
(3) certain summary information about arbitration awards against a member involving a securities or commodities dispute with a public customer;
(4) the most recently submitted comment, if any, provided to NASD by the person who is covered by BrokerCheck, in the form and in accordance with the procedures established by NASD, for inclusion with the information provided through BrokerCheck. Only comments that relate to the information provided through BrokerCheck will be included;
(5) information as to qualifications examinations passed by the person and date passed. NASD will not release information regarding examination scores or failed examinations;
(6) in response to telephonic inquiries via the BrokerCheck toll-free telephone listing, whether a particular member is subject to the provisions of Rule 3010(b)(2) ("Taping Rule");
(7) Historic Complaints (i.e., the information last reported on Registration Forms relating to customer complaints that are more than two (2) years old and that have not been settled or adjudicated, and customer complaints, arbitrations or litigations that have been settled for an amount less than $10,000 and are no longer reported on a Registration Form), provided that:
(A) any such matter became a Historic Complaint on or after March 19, 2007;
(B) the most recent Historic Complaint or currently reported customer complaint, arbitration or litigation is less than ten (10) years old; and
(C) the person has a total of three (3) or more currently disclosable regulatory actions, currently reported customer complaints, arbitrations or litigations, or Historic Complaints (subject to the limitation that they became a Historic Complaint on or after March 19, 2007), or any combination thereof; and
(8) the name and succession history for current or former members.
(c) NASD shall not release:
(1) information reported as a Social Security number, residential history, or physical description, information that NASD is otherwise prohibited from releasing under Federal law, or information that is provided solely for use by regulators. NASD reserves the right to exclude, on a case-by-case basis, information that contains confidential customer information, offensive or potentially defamatory language or information that raises significant identity theft, personal safety or privacy concerns that are not outweighed by investor protection concerns;
(2) information reported on Registration Forms relating to regulatory investigations or proceedings if the reported regulatory investigation or proceeding was vacated or withdrawn by the instituting authority;
(3) "Internal Review Disclosure" information reported on Section 7 of the Form U5;
(4) "Reason for Termination" information reported on Section 3 of the Form U5;
(5) Form U5 information for fifteen (15) days following the filing of such information;
(6) the most recent information reported on a Registration Form, if:
(A) NASD has determined that the information was reported in error by a member, regulator or other appropriate authority;
(B) the information has been determined by regulators, through amendments to the uniform Registration Forms, to be no longer relevant to securities registration or licensure, regardless of the disposition of the event or the date the event occurred;
(7) information provided on Schedule E of Form BD.
(d) Upon written request, NASD may provide a compilation of information about NASD members, subject to terms and conditions established by NASD and after execution of a licensing agreement prepared by NASD. NASD may charge commercial users of such information reasonable fees as determined by NASD. Such compilations shall consist solely of information selected by NASD from Forms BD and BDW and shall be limited to information that is otherwise publicly available from the Commission.
Amended by SR-NASD-2003-168 eff. March 19, 2007.
Amended by SR-NASD-2002-04 eff. Oct 14, 2002.
Amended by SR-NASD-2002-05 eff. March 11, 2002.
Amended by SR-NASD-99-45 eff. March 1, 2000.
Amended by SR-NASD-97-78 eff. Feb. 17, 1998.
Amended eff. May 4, 1988; Sept. 19, 1989; July 1, 1991; Apr. 30, 1992; July 1, 1993.

Selected Notices: 00-16, 02-20, 04-36, 07-10.