<p>Staff interpretation on the use of electronic signatures under NASD Rules 3110(c)(1)(C) and 3010(d).<br/></p>
<p>A broker/dealer is not required to register as branch offices under Rule 3010(g) non-public office locations where existing customers can use computer terminals to access their accounts and enter orders.<br/></p>
<p>The limited supervisory functions that can be properly delegated to registered representatives also may be assigned to persons registered as Foreign Associates under NASD Rule 1100. Foreign Associates, however, may not perform the functions that require a principal registration.</p>
<p>Applicability of NASD rules to a member's use of a translator for group retirement plan enrollment presentations.</p>
<p>Whether a proposed standby purchase agreement entered into between affiliate of a member and an issuer in connection with a public offering of the issuer's common stock could constitute an option.<br/></p>
<p>Scope of permissible functions of a Compliance Registered Operations Principal (CROP).<br />
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<p>Mutual fund offeror may directly reimburse personal travel expenses of registered representatives that attend training and education meetings, provided appropriate records are maintained.<br/></p>
<p>Application of NASD Rule 2830(l)(5)(D) to sales contests involving sales personnel who perform marketing services.<br/></p>
<p align="left">Reminder that offerors may not pay for golf outings, tours or other forms of entertainment while at a meeting it sponsors for the purpose of training or education. This letter was sent by NASD Regulation to a number of members that manufacture and sponsor variable and investment company products and to certain trade associations.</p>
<p>Secondary market trading in Select Sector SPDR Funds does not violate Rule 2830(c) and (g).<br/></p>
