Registration requirements of a member for persons responsible for actively supervising the employees of member broker/dealer (under former Schedule C, Part II, now the Rule 1020 Series).<br/>
Registration requirements of a member if a registered principal begins consulting relationship with the member as a compliance officer.<br/>
The payment of a salary to a sales assistant by a registered person is not prohibited by NASD rules, nor would it require the registered person to register as a general sales supervisor under Rule 1022(g).<br/>
Outside directors of broker/dealers must register as principals if they wish to participate in the day-to-day conduct of members' securities businesses and the implementation of corporate policies related to such businesses.<br/>
Outside directors of broker/dealers must register as principals if they wish to participate in the day-to-day conduct of members' securities businesses and the implementation of corporate policies related to such businesses.<br/>
Inside directors of broker/dealers must register as principals if they wish to participate in the day-to-day conduct of members' securities businesses and the implementation of corporate policies related to such businesses.
The question of whether a particular person is required to obtain a series 63 license is a specific facts and circumstances analysis, and ultimately would be answered by state law or regulations of each individual state involved.
Factors that may determine whether research personnel are required to be registered include their communications with customers, making of recommendations, accepting or executing orders for the purchase or sale of securities, and method of compensation.
<p>In an order settling an enforcement action by the Commodity Futures Trading Commission, an undertaking not to apply for registration for period of three years operates as the functional equivalent of an order suspending registration. One who consents to such an undertaking is statutorily disqualified from registration under Article III, Section 4 of the NASD By-Laws.<br />
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Exemptive relief is granted based on the determination that the dealer: (1) had developed and instituted procedures reasonably designed to ensure compliance with the rule; (2) had no actual knowledge of the contribution prior to or at the time of the contribution; (3) had taken all available steps to cause the person involved in making the contribution to obtain a return of the contribution; and (4) had taken such other remedial or preventative measures as were appropriate under the circumstances.
