SEC Approves Amendments to Establish Two Optional TRACE Data Delivery Services and Related Fees
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Executive Summary
The Securities and Exchange Commission (SEC) recently approved amendments to the National Association of Securities Dealers, Inc. (NASD®)
Comment Period Expires February 15, 1995
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Executive Summary
The National Association of Securities Dealers, Inc. (NASD) requests comment on proposed amendments to the NASD Rules of Fair Practice to adopt rules governing broker/dealers operating on the premises of financial institutions. The proposed rules
The Achieving a Better Life Experience (ABLE) Act of 2014 provided Americans with disabilities the opportunity to save in a tax-deferred account as a supplement to their government benefits.
Exchange Act Rule 15c3-3 (Customer Protection Rule) imposes requirements on member firms that are designed to protect customer funds and securities. Member firms are obligated to maintain custody of customers’ fully paid and excess margin securities, and safeguard customer funds by segregating these assets from the firm’s proprietary business activities and promptly delivering them to the customer upon request. Member firms can satisfy these requirements by keeping customer funds in a special reserve bank account and by maintaining customer securities in their physical possession or in a good control location, as specified in Rule 15c3-3. Member firms are required to maintain a reserve of cash or qualified securities in the special reserve bank account that is at least equal in value to the net cash owed to customers, including cash obtained from the use of customer securities. The amount of net cash owed to customers is computed pursuant to the formula set forth in Exhibit A to Rule 15c3-3.
The fair pricing obligations under FINRA Rule 2121 (Fair Prices and Commissions) apply to transactions in all securities—including fixed income securities—and MSRB Rule G-30 imposes similar obligations for transactions in municipal securities. In addition, FINRA Rule 2121 and MSRB Rule G-30 also include specific requirements for transactions in debt securities. These rules generally require a dealer that is acting in a principal capacity in a debt security transaction with a customer, and charging a mark-up or mark-down, to mark up or mark down the transaction from the prevailing market price (PMP).
(a) Fees for Claims Filed by Associated Persons
(1) Associated persons who file a claim, counterclaim, cross claim or third party claim must pay a filing fee in the amount indicated in the schedule below.
Filing Fees for Claims Filed by Associated Persons
Amount of Claim
(exclusive of interest
and expenses)
Filing Fee
$.01 to $1,000
$50
(a) Standards for Member Conduct
Except as otherwise provided in this Rule, a member that is a party to a networking arrangement under which the member conducts broker-dealer services on or off the premises of a financial institution is subject to the following requirements:
(1) Setting
A member that conducts broker-dealer services on the premises of a financial institution shall:
(A) be
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).
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Executive Summary
The Board of Governors, acting on the recommendation of a special Ad Hoc Committee, is clarifying the applicability of Article III, Section 40 of the NASD Rules of Fair Practice to the investment advisory activities of registered representatives. This Notice describes those
