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For Your Information (June)

For Your Information

National Association of Securities Dealers, Inc.

June 1989

Test Date and Site Changes for June and July Examinations Announced

July First Saturday Date Change

The first Saturday exam session date for July has been changed to July 8, 1989, for all test centers because of the Independence Day holiday that falls after the first weekend of the month.

Requests for appointments for the July 8, 1989, session must be received no later than June 27, 1989 (the eighth business day prior to the session).

Series 7 Test Site — Atlanta

The June 17, 1989, and July 15, 1989, Series 7 exams in Atlanta will be held at: Sheraton Century Hotel, 2000 Century Boulevard, Atlanta, Georgia.

Colorado Imposes $10 Annual Fee on Registered Agents

Effective May 12, 1989, the Colorado legislature revised the state law to require an annual fee of $10 for all agents to maintain registration in the state.

The Colorado Securities Commission has contracted with the NASD to handle the fee collection process. Invoices were sent to all firms registered in the state during the week of May 15, 1989. The procedures for this fee payment follow the annual renewal program procedures. Fees must be received by the NASD no later than June 22, 1989.

If you wish to terminate any agents in Colorado, a partial Form U-5 must also be received by the NASD no later than June 22, 1989. Final adjusted invoices and rosters of agents registered in Colorado will be forwarded to your firm shortly after that date.

If you have any questions regarding the invoice, or if you have not received your invoice, please contact NASD Information Services at (301) 590-6500.

NASD Clarifies What Constitutes Branch Office for Regulation Purposes

In Notice to Members 89-34, the NASD indicated that an office of a member that is listed on a lobby directory would be a branch office. It was further stated that the NASD was considering whether a door sign on an interior hallway would cause a location to be a branch office.

The NASD has concluded that a door sign on an interior hallway that is for identification (e.g., required by state law or firm policy) rather than advertising purposes will not cause a location to be a branch office. Consistent with this position, the NASD has determined that a listing on a lobby directory will not cause a location to be a branch office. As indicated in Notice to Members 89-34, a location identified by an exterior sign visible to the general public will require designation as a branch office.


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