In an effort to assist member firms, securities professionals, lawyers, and others having an interest in the rules administered by the National Association of Securities Dealers, Inc., and its subsidiaries, the staff of NASD Regulation, Inc. and Nasdaq have selected for publication a number of staff interpretive and general informational letters. In publishing these letters, NASD Regulation and Nasdaq have not attempted to identify or publish all letters that have been issued on a particular subject. Similarly, NASD Regulation and Nasdaq do not attempt to review letters, once they have been published, for the purpose of identifying or removing those that may have become outdated or superseded.
All interpretive positions are staff positions, unless otherwise indicated.
The letters are provided only for the purpose of providing general guidance on the staff's views as to the application of particular NASD rules under specific circumstances. Members, associated persons, and their counsel should consider the need for further guidance as to the application of NASD rules to their own unique circumstances. Rule 9610 permits members to seek exemptions from certain specified NASD rules. Bear in mind that the decisions apply to the specific situations described. We have not attempted to publish letters covering every rule for which an exemption can be granted.