Financial Industry Regulatory Authority, Inc. ("FINRA") (f/k/a National Association of Securities Dealers, Inc. or ("NASD")) is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend an exemption to NASD Rule 1050 and NYSE Rule Interpretation 344/02 for certain research analysts employed by a member's
NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to make a technical amendment to new NASD Rule 2342 (SIPC Information). The proposed rule change serves to clarify the categories of members that are excepted from the scope of the rule.
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Executive Summary
On January 26, 1998, the Securities and Exchange Commission (SEC or Commission) granted accelerated approval of a New York Stock Exchange (NYSE) proposal to temporarily modify its circuit breaker rules.1 Effective February 1,
Exemptive relief is denied. Although C's employment with Firm X was the result of an "internal reorganization", it did result in C being a new employee with Firm X. Had Firm X's procedures as to new hires been followed, the disclosure of the contribution would have been known before C's transfer from an affiliated entity had been effected, rather than after.
It appears that the violation of the Rule, as described in your letter, relates directly to the failure of the firm to develop and institute procedures reasonably designed to ensure compliance of the Rule i.e., for the review and approval of political contributions by a municipal finance professional prior to making the contribution. Accordingly, the firm's request for an exemption is denied.
Proposed Rule Change to Update Cross-References Within Certain FINRA Rules and to Make Non-Substantive Technical Changes to Certain FINRA and NASD Rules
The NASD, through its wholly owned subsidiary, NASD Regulation, Inc., has filed with the SEC a proposed rule change to implement Section 203 of the Gramm-Leach-Bliley Act of 1999 ("GLBA"). Specifically, Section 203 adds a new subsection (j) to Section 15A of the Act, which requires that the NASD, as a registered securities association, create a limited registration category for any
NASD has filed with the SEC portions of a Notice to Members discussing the application of NASD Rule 2790. NASD is not proposing any textual changes to the Rules of NASD.
Member's use of minimum commissions per trade or per share and the use of standardized commission schedules.
August 2, 2004NASD reminds firms that when an NASD member firm receives or originates an order and electronically routes that order to another member firm, the routing firm must provide a Routed Order ID to the receiving firm. (This requirement does not apply when routing to an ECN or to a non-member.) Both the routing firm and the receiving firm must record and report this Routed Order ID to
