Rule 326(c). Unsecured Loans and Advances
This rule is no longer applicable. Incorporated NYSE Rule 326 has been superseded by FINRA Rule 4120. Please consult the appropriate FINRA Rule.
No drawings, unsecured or partly secured loans or advances of funds by a member organization to any partner, director, officer employee, stockholder, subordinated lender, secured demand note contributor or persons or entities related to, controlled by, under common control with such persons or in which such persons are employed, hold office or have a financial interest and no guarantees of obligations of any person shall be made, except with prior written approval of the Exchange, when any of the following conditions exist in a member organization, or if such drawings, loans, advances or guarantees would result in any of the following conditions:
Note: Applicable state laws should also be reviewed for restrictions on unsecured loans by corporations and partnerships.
December 12, 1974.
October 16, 1975; effective January 1, 1976.
March 29, 2007 (NYSE-2005-03).