TO: All NASD Members
The Securities and Exchange Commission has adopted the amendments proposed in March to its shareholder communications rules. The amendments, which specify the obligations of brokerage firms and issuers, stipulate:
• That issuers who request a list of nonobjecting security holders from one broker must request it from all brokers with customers who beneficially own the issuer
Private Placements and Public Offerings Subject to a Contingency
Summary
FINRA requests comment on a proposed pilot program to study changes to corporate bond block trade dissemination based on recommendations of the Securities and Exchange Commission's (SEC) Fixed Income Market Structure Advisory Committee (FIMSAC or Committee). Specifically, the proposed pilot is designed to study two primary changes recommended by the FIMSAC: an increase to the
SUGGESTED ROUTING:*
Senior ManagementLegal & ComplianceMutual Fund*These are suggested departments only. Others may be appropriate for your firm.
MAIL VOTE
EXECUTIVE SUMMARY
The NASD invites members to vote on a proposal to rescind the Guidelines and to amend Article III. Section 35 of the Rules of Fair Practice to include items that were contained in the Guidelines and would
SUGGESTED ROUTING:*
Senior ManagementLegal & ComplianceMutual Fund*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
The NASD requests comments on a proposal to rescind the Guidelines and to amend Article III, Section 35 of the Association's Rules of Fair Practice to include items that were contained in the Guidelines regarding
Exemptive relief is denied based on: Firm D was subject to a ban that was discernible via a review of publicly available Forms G-37 which disclosed that a PAC controlled by Firm D or a Firm D MFP made political contributions to the Issuer Officials; Firm D had a long history of making contributions to the Issuer Officials; the ban attached to Firm A upon completion of the acquisition of Firm D; neither Firm A nor Firm D attempted to obtain refunds of the contributions; Firm A’s proposed supervisory systems are not adequate to address regulatory concerns presented.
ACTION REQUIRED
NASD Rule 3070 System Requirements
SUGGESTED ROUTING
KEY TOPICS
Chief Compliance Officer
Legal and Compliance
Operations
Senior Management
NASD Rule 3070 System Requirements
Executive Summary
NASD Rule 3070(c) requires members to report to
GUIDANCE
Market Order Protection
Effective Date: January 9, 2006
SUGGESTED ROUTING
KEY TOPICS
Internal Audit
Legal & Compliance
Operations
Senior Management
Systems
Trading
IM-2110-2
Manning Rule
Market Orders
Rule 2111
Executive Summary
In October 2005, NASD issued Notice to Members (NTM) 05-69
informing members of Securities and Exchange Commission (SEC)
Mr. Chairman and Members of the Subcommittee: NASD is grateful to the committee for inviting us to testify on NASD's regulatory activities regarding inappropriate sales of certain investment products to members of the armed forces, and for allowing us to submit this statement for the record.
On behalf of NASD, I would like to thank Chairman Sarbanes, Ranking Member Gramm, and the members of the Senate Banking Committee for this opportunity to testify.
