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Up to Sep 30 2018Oct 1 2018 onwards

IM-1022-1. Limited Principal—Registered Options and Security Futures

This rule is no longer applicable. NASD IM-1022-1 has been superseded by FINRA Rule 1200 Series. Please consult the appropriate FINRA Rule.

Members having a single Registered Options and Security Futures Principal are required promptly to notify the Association in the event such person is terminated, resigns, becomes incapacitated or is otherwise unable to perform the duties of an Options and Security Futures Principal.
Following receipt of such notification, the Association will require members to agree, in writing, to refrain from engaging in any options- or security futures-related activities that would necessitate the prior or subsequent approval of an Options and Security Futures Principal including, among other things, the opening of new options or security futures accounts or the execution of discretionary orders for option or security futures contracts until such time as a new Registered Options and Security Futures Principal has been qualified.
Members failing to qualify a new Registered Options and Security Futures Principal within two weeks following the loss of their sole Registered Options and Security Futures Principal, or by the earliest available date for administration of the Registered Options and Security Futures Principal examination, whichever is longer, shall be required to cease doing an options and security futures business; provided, however, they may effect closing transactions in options and offsetting transactions in security futures to reduce or eliminate existing open options security futures positions in their own account as well as the accounts of their customers.
Amended by SR-NASD-2003-24 eff. March 3, 2003.
Amended by SR-NASD-2002-40 eff. Oct. 15, 2002.
Adopted by SR-NASD-79-15 eff. Feb. 22, 1980.

Selected Notice: 03-20.

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