TO: All NASD Members and Other Interested Persons
ATTN: Training Directors and Registration Personnel
The purpose of this notice is twofold:
Part I announces the availability in mid-March of study outlines for a revised Series 7 General Securities Representative Qualification Examination. Pending SEC approval, it is expected that this new version of the test will be introduced at the June 1986
SUGGESTED ROUTING*
Senior ManagementInternal AuditLegal & ComplianceOperationsSystemsTrading
*These are suggested departments only. Others may be appropriate for your firm.
EXECUTIVE SUMMARY
As previously reported in Notice to Members 88-104 and 89-17, the NASD requires its members to respond to requests for trading data by using a standardized automated format. This format is
NASD® has taken disciplinary actions against the following firms and individuals for violations of NASD rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).
NASD would like to remind members of their obligation to file the appropriate FOCUS reports, Schedule I filings, Annual Audits, Customer Complaints and Short Interest reports by their due dates.
SUGGESTED ROUTING
Senior ManagementInstitutionalLegal & ComplianceOperationsSystemsTrading
Executive Summary
On December 23, 1993, the Securities and Exchange Commission (SEC) issued an order approving amendments to the Rules of Practice and Procedure for the Small Order Execution System (SOESSM). The new rules prohibit short sales in SOES; reduce the largest eligible SOES order
TO: All NASD Members and Interested Persons
ATTN: Registration, Training and Compliance Personnel
The subject matter of various NASD qualification examinations has been affected by the passage of the Tax Reform Act of 1984 (the "Act") as well as by recently adopted amendments to certain SEC and NASD rules. The test items affected by these changes have been deleted from the current test
When purchasing securities, you may pay for them in full or may borrow part of the purchase price from your securities firm. If you choose to borrow funds from a firm, you must open (or have) a margin account with the firm. Some brokerage firms use margin accounts as their default type of account.The portion of the purchase amount that you must deposit is called margin and is
Filing Requirements for Members that Carry Customer Margin Accounts; New Customer Margin Balance Form
FINRA has taken disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).
I am writing to oppose restrictions on leveraged and inverse funds. Both of those funds allow investors to engage in investment strategies that is already allowed in an efficient manner. For example, Regulation T margin and portfolio margin offered by brokers already allows significant leverage and an inverse fund could be implemented by shorting the underlying security. What both leveraged
