View Whole SectionText only Print Print Manager Link
Previous Next

96-25 SEC Approves NASD Manual Revisions; Publication Scheduled For May

View PDF File

Executive Summary

In mid-January, the Securities and Exchange Commission (SEC) approved a revised NASD Manual. To facilitate your adjustment to this new Manual, which is scheduled for publication and dissemination this May, we have included a Guide to the Manual: New-to-Old Conversion Chart and Old-to-New Conversion Chart. This material outlines the reorganized Manual and indicates where the relocated material appeared in the old Manual.

Please direct your questions or concerns about these changes to T. Grant Callery, Vice President and General Counsel, Office of the General Counsel, at (202) 728-8285, or Joan C. Conley, Corporate Secretary, at (202) 728-8381.

    March 4, 1996
  GUIDE TO THE MANUAL (OLD-TO-NEW CONVERSION CHART)  
Existing Provision   Proposed Rule No.
  SCHEDULES TO THE BY-LAWS  
Schedule A   Unchanged
Schedule B   Unchanged
Schedule C   1000
I. Applications for Membership 1010
II. Registration of Principals 1020
Registration on Registered Options Principals IM-1022-1
Explanation on Limited Principal - General Securities Sales Supervisor IM-1022-2
III. Registration of Representatives 1030
IV. Registration of Assistant Representatives-Order Processing 1040
V. [Reserved]  
VI. Persons Exempt from Registration 1060
VII. Qualification Examinations and Waiver of Requirements 1070
VIII. Confidentiality of Examinations 1080
IX. Foreign Members 1090
X. Foreign Associates 1100
Resolution on Filing of Misleading Information as to Membership or Registration IM-1000-1
Resolution on Status of Sole Proprietors and Registered Representatives Serving in the Armed Forces IM-1000-2
Resolution on Failure to Register Personnel IM-1000-3
Explanation on Appointment of Executive Representatives IM-1000-4
XI. Registration of Government Securities Principals and Representatives 1100
XII. Continuing Education Requirements 1120
Schedule D    
Part I  
Definitions 4200
Part II  
Qualification Requirements for Nasdaq Stock Market Securities 4300
1. Domestic and Canadian Securities 4310
2. Non-Canadian Foreign Securities and ADRS 4320
3. Suspension or Termination of Inclusion of a Security and Exceptions to Inclusion Criteria 4330
4. Use of The Nasdaq Stock Market on a Test Basis 4110
5. Trading Halts 4120
Policy on Voting Rights IM-4310
Disclosure of Material Information IM-4120
Part III  
Designation of Nasdaq National Market Securities 4400
Introduction 4400
1. Applications for Designation 4410
2. Quantitative Designation Criteria 4420
3. Limited Partnership Rollup Designation Criteria 4430
4. Registration Standard 4440
5. Quantitative Maintenance Criteria 4450
6. Non-Quantitative Designation Criteria for Issuers Excepting Limited Partnerships 4460
7. Non-Quantitative Designation Criteria for Issuers that are Limited Partnerships 4470
8. Termination Procedures 4480
Policy on Voting Rights IM-4120
Part IV  
Listing Fees 4500
A. Nasdaq National Market - Entry Fee 4510(a)
B. Additional Shares 4510(b)
C. Annual Fee - Domestic and Foreign Issues 4510(c)
D. Annual Fee - American Depository Receipts (ADRs) 4510(d)
E. The Nasdaq Smallcap Market - Entry Fee 4520(a)
F. The Nasdaq Smallcap Market - Additional Shares 4520(b)
G. Annual Fee - Domestic and Foreign Issues 4520(c)
H. Annual Fee - American Depository Receipts (ADRs) 4520(d)
I. Issuer Hearing Fee - Hearing Fee 4530
Part V  
Requirements Applicable to Nasdaq Market Makers 4600
1. Registration as a Nasdaq Market Maker 4611
2. Character of Quotations 4613
Nasd Autoquote Policy IM-4613
3. Stabilizing Bids 4614
4. Automated Submission of Trading Data 4615
5. Reports 4616
6. Normal Business Hours 4617
7. Clearance and Settlement 4618
8. Withdrawal of Quotations and Passive Market Making 4619
9. Voluntary Termination of Registration 4620
10. Suspension and Termination of Quotations by Association Action 4621
11. Termination of Service 4622
Part VI  
Consolidated Quotations Service (CQS) 6300
1. Registration as a CQS Market Maker 6320
2. Obligations of CQS Market Maker 6330
NASD Autoquote Policy IM-4613
3. Normal Business Hours 6340
4. Withdrawal of Quotations 6350
5. Voluntary Termination of Registration 6360
6. Suspension and Termination of Quotations by Association Action 6370
Part VII  
Nasdaq Index Options 2870
1. Definitions 2871
2. Nasdaq Index Options Services Available 2872
3. Registration, Qualification and Other General Requirements Applicable to All Nasdaq Index Options Market Makers 2873
4. Character of Index Options Quotations Entered into the Nasdaq Index Options Service by All Nasdaq Index Options Market Makers 2874
5. Commitment Rules Applicable to Options Market Makers in Nasdaq Index Options 2875
6. Sanctions Applicable to Nasdaq Index Options Market Makers 2876
7. Requirements Applicable to Nasdaq Index Options Order Entry Firms 2877
8. Transaction Reporting and Other Reporting Requirements 2878
9. Authorization of Nasdaq Index Option Market Making 2879
10. Nasdaq Index Options Contracts Authorized for Trading 2880
11. Series of Nasdaq Index Options for Trading 2881
12. Unit of Trading 2882
13. Suspension of Authorization of Nasdaq Index Option Contracts 2883
14. Trade Comparison Procedures for nasdaq Index Options 2884
15. Clearance and Settlement Procedures for Nasdaq Index Options 2885
16. Rules of General Applicability [Deleted]
Part VIII  
Schedule of NASD Charges for Services and Equipment 7000
A. System Services 7010
B. Equipment Related Charges 7020
C. Special Options 7030
D. Installation, Removal or Relocation 7040
E. Other Services 7050
F. Partial Month Charges 7060
G. Subscriber Deposits 7070
H. Late Fees 7080
I. Mutual Fund Quotation Program 7090
J. Minor Modifications in Charges 7100
Part IX [Rescinded]
Part X  
Reporting Transactions in Nasdaq National Market Securities 4630
1. Definitions 4631
2. Transaction Reporting 4632
Interpretation on Transaction Reporting IM-4632
Part XI  
Reporting Transactions in Nasdaq Smallcap Market Securities 4640
1. Definitions 4641
2. Transaction Reporting 4642
Interpretation on Transaction Reporting IM-4632
3. Customer Confirmations 4643
Part XII  
Reporting Transactions in Over-the-Counter Equity Securities 6600
1. Definitions 6610
2. Transaction Reporting 6620
Interpretation on Transaction Reporting IM-4632
Part XIII  
Reporting Transactions in Convertible Debt Securities Traded On the Nasdaq Stock Market 4650
1. Definitions 4651
2. Transaction Reporting 4652
Interpretation on Transaction Reporting IM-4632
Part XIV  
Mutual Fund Quotation Program 6800
A. Description  
B. Eligibility Requirements  
C. News Media Lists  
D. Supplemental List  
E. Determination of Number of Shareholders  
Schedule E  
Distribution of Securities of Members and Affiliates - Conflicts of Interest 2720
1. General 2720(a)
2. Definitions 2720(b)
3. Participation in Distribution of Securities of Member or Affiliate 2720(c)
4. Disclosure 2720(d)
5. Escrow of Proceeds, Net Capital Computation 2720(e)
6. Audit Committee 2720(f)
7. Public Director 2720(g)
8. Period Reports 2720(h)
9. Offerings Resulting in Affiliation or Public Ownership of Member 2720(i)
10. Registration Statements for Intrastate Offerings 2720(a)
11. Suitability 2720(k)
12. Discretionary Accounts 2720(l)
13. Sales to Employees-No Limitations 2720(m)
14. Filing Requirements; Coordination with Corporate Financing Interpretation 2720(n)
15. Predominance of Schedule E 2720(o)
16. Requests for Exemption from Schedule E 2720(p)
17. Violation of Schedule E 2720(q)
Schedule F [Rescinded]
Schedule G  
Reporting Transactions in Listed Securities 6400
1. Definitions 6410
2. Transaction Reporting 6420
Interpretation on Transaction Reporting IM-4632
3. Suspension of Trading 6430
4. Trading Practices 6440
5. Eligible Securities 6450
Resolution on Interpretations and Explanations By-Laws, Art. XI, Sec. 4
Resolution on Limitations upon Use of Association Name By-Laws, Art. XVI, Sec. 2
Schedule H 6700
1. Definitions 6710
2. Price and Volume Reporting 6720
3. Automated Submission of Trade Data 6730
4. Submission of Rule 15c2-11 Information on Non-Nasdaq Securities 6740
5. Minimum Quotation Size Requirements for OTC Equity Securities 6750
Schedule I  
PORTAL Market Rules 5300
Part I  
1. Definitions 5310
Part II  
Requirements Applicable to PORTAL Securities 5320
1. Application for Designation 5321
2. Qualification Requirements for PORTAL Securities 5322
3. Suspension or Termination of a PORTAL Security Designation 5323
Part III  
Requirements Applicable to Members of the Association 5330
1. Limitations on Transactions in PORTAL Securities 5331
2. Reporting Debt and Equity Transactions in PORTAL Securities 5332
3. PORTAL Settlement 5333
4. PORTAL Transaction Reports 5334
5. PORTAL Non-Participant Report 5335
6. PORTAL Surveillance Report 5336
7. Comparison of PORTAL Transaction Reports Entered in the PORTAL Market System 5337
8. Registration Requirements for PORTAL Dealers 5338
9. Registration Requirements for PORTAL Brokers 5339
10. Continuing Requirements for PORTAL Dealers and PORTAL Brokers 5340
Part IV  
Requirements Applicable to PORTAL Qualified Investors 5350
1. Registration Requirements for PORTAL Qualified Investors 5351
2. Continuing Requirements for PORTAL Qualified Investors 5352
3. Suspension or Termination of the Registration of a PORTAL Qualified Investor 5353
Part V  
Denial, Suspension or Termination Procedures 5360
Part VI  
PORTAL Market Transactions 5370
1. Normal PORTAL Market Hours of Operation 5371
2. PORTAL Quotations 5372
3. PORTAL Contracts 5373
4. PORTAL Fees 5374
5. "When, as and If Issued" Trading 5375
6. "Short" Sales 5376
7. Stabilizing Bids 5377
8. Partial Delivery 5378
9. Close-Out Procedures-"Buying-In" 5379
10. Close-Out Procedures-"Selling-Out" 5380
Part VII  
Rules of Fair Practice 5392
Part VIII  
Arbitration 5391
Part IX  
PORTAL Fees 5324
Schedule J  
Trading in Index Warrants, Currency Index Warrants, and Currency Warrants 2840
1. General 2841
2. Definitions 2842
3. Account Approval 2843
4. Suitability 2844
5. Discretionary Accounts 2845
6. Supervision of Accounts 2846
7. Customer Complaints 2847
8. Communications with the Public and Customers Concerning Index Warrants, Currency Index Warrants, and Currency Warrants 2848
9. Maintenance of Records 2849
10. Position Limits 2850
11. Exercise Limits 2851
12. Reporting Requirements 2852
13. Liquidation of Index Warrant Positions 2853
14. Trading Halts or Suspensions 2854
  RULES OF FAIR PRACTICE  
Article I  
Adoption and Application 0110
1. Adoption of Rules 0111
2. Effective Date 0112
3. Interpretation 0113
4. Effect on Transactions in Exempted Securities 0114
5. Applicability 0115
Article II  
Definitions  
1. Definitions in Rules 0120
2. Definitions in By-Laws 0121
Article III  
Rules of Fair Practice  
1. Business Conduct of Members 2110
Interpretation on Execution of Retail Transactions in the Over-the-Counter Market 2320
Interpretaion on Prompt Receipt and Delivery of Securities 3370
Interpretation on Forwarding of Proxy and Other Materials 2260
Interpretation on "Free-Riding and Withholding" IM-2110-1
Interpretation on Trading Ahead of Customer Limit Orders IM-2110-2
Interpretation on Front Running Policy IM-2110-3
Interpretation on Trading Ahead of Research Reports IM-2110-4
2. Recommendations to Customers 2310
Policy on Fair Dealing with Customers IM-2310-2
3. Charges for Services Performed 2430
4. Fair Prices and Commissions 2440
Interpretation on NASD Mark-Up Policy IM-2440
5. Publication of Transactions and Quotations 3310
Interpretation on Manipulative and Deceptive Quotations IM-3310
6. Offers at Stated Prices 3320
Policy with Respect to Firmness of Quotations IM-3320
7. Disclosure of Price in Selling Agreements 2770
8. Securities Taken in Trade 2730
Interpretation on Safe Harbor and Presumption of Compliance IM-2730
9. Use of Information Obtained in Fiduciary Capacity 3120
10. Influencing or Rewarding Employees of Others 3060
11. Payment Designed to Influence Market Prices, Other than Paid Advertising 3330
12. Disclosure on Confirmations 2230
Explanation on "Third Market Confirmations" IM-2230
13. Disclosure of Control 2240
14. Disclosure of Participation or Interest in Primary or Secondary Distribution 2250
15. Discretionary Accounts 2510
16. Offering "At the Market" 2760
17. Solicitation of Purchase on an Exchange to Fcilitate a Distribution of Securities 2780
18. Use of Fraudulent Devices 2120
19. Customers' Securities or Funds 2330
Explanation of Paragraph (d) of Section 19 IM-2330
20. Installment or Partial Payment Sales 2450
21. Books and Records 3110
22. Disclosure of Financial Condition 2270
Resolution on Requirements of Members to Furnish Recent Financial Statement to Other Members 2910
23. Net Price to Persons Not in Investment Banking or Securities Business 2410
24. Selling Concessions 2740
Interpretation on Services in Distribution IM-2710
25. Dealing with Non-Members 2420
Interpretation on Transactions Between Members and Non_Members IM-2420-1
26. Investment Companies 2830
27. Supervision 3010
28. Transactions for or by Associated Persons 3050
29. Variable Contracts of an Insurance Company 2820
30. Margin Accounts 2520
31. Securities "Failed to Receive" and "Failed to Deliver" 3210
32. Fidelity Bonds 3020
33. Options 2860
Interpretations on Opening Accounts for Options Customer IM-2860-2
34. Direct Participation Programs 2810
35. Communications with the Public 2210
Guidelines Regarding Communications with the Public Collateralized Mortgage Obligations (CMOs) IM-2210-1
Guidelines Regarding Communications with the Public about Variable Life Insurance and Variable Annuities IM-2210-2
Guidelines for the Use of Ranking in investment Companies Advertisements and Sales Literature IM-2210-3
35A. Options Communications with the Public 2220
36. Transactions with Related Persons 2750
Interpretation on Transaction with Related Persons IM-2750
37. [Reserved]  
38. Regulation of Activities of Members Experiencing Financial and/or Operational Difficulties 3130
Explanation on Restrictions on a Member's Activity IM-3130
39. Approval of Change in Exempt Status under SEC Rule 15c3-3 3140
40. Private Securities Transactions 3040
41. Short-Interest Transactions 3360
42. Prohibition on Transactions During Trading Halts 3340
43. Outside Business Activities 3030
44. The Corporate Financing Rule 2710
45. Customer Account Statements 2340
46. Adjustment of Open Orders 3220
47. Clearing Agreements 3230
48. Short Sale Rule 3350
Interpretation on Short Sale Rule IM-3350
49. Primary Nasdaq Market Maker Standards 4612
50. Reporting Requirements 3070
Article IV  
Complaints  
1. Availability to Customer of Certificate, By-Laws, Rules and Code of Procedure 8110
2. Complaints by Public Against Members for Violations of Rules 8120
3. Complaints by District Business Conduct Committees 8130
4. Complaints by the board of Governors 8140
5. Reports and Inspection of Books for Purpose of Investing Complaints 8210
Resolution on Suspension of Members for Failure to Furnish Information Duly Requested 8220
Article V  
Penalties  
1. Sanctions for Violation of the Rules 8310
Interpretation on the Effect of a Suspension or Revocation of the Registration, If Any, of a Person Associated with a member or the Barring of a Person from Further Association with a Member IM-8310-1
Resolution on Notice to Membership and Press of Suspension, Expulsions, Revocation, and Monetary Sanctions and Release of Certain Information Regarding Disciplinary History of Members and Their Associated Persons IM-8310-2
2. Payments of Fines, Other Monetary Sanctions, or Costs 8320
3. Costs of Proceedings 8330
Article VI  
Current Membership List 1130
  GOVERNMENT SECURITIES RULES [ToBeRescinded]
  SOES RULES  
a. Definitions 4710
b. SOES Participant Registration 4720
c. Participant Obligations in SOES 4730
d. Clearance and Settlement 4740
e. Obligations to Honor System Trades 4750
f. Compliance with Rules and Registration Requirements 4760
  Fees Applicable to SOES 4770
  ITS/CAES RULES  
a. Definitions 5210
b. ITS/CAES Registration 5220
c. Suspension or Revocation of ITS/CAES Registration 5221
d. ITS Operations 5230
e. Pre-Opening Application-Opening by ITS/CAES Market Maker 5240
f. Pre-Opening Application-Opening on Other Participant Markets 5250
g. Obligation to Honor System Trades 5261
h. Trade-Thoughts 5262
i. Locked or Crossed Markets 5263
j. Block Transactions 5264
k. Authority to Cancel or Adjust Transactions 5265
  ACT RULES  
a. Definitions 6110
b. Participation in ACT 6120(a)
c. Participation Obligations in ACT 6120(b)
d. Trade Report Input 6130
e. ACT Processing 6140
f. ACT Risk Management Functions 6150
g. Obligation to Honor Trades 6160
h. Audit Trail Requirements 6170
i. Violation of ACT Rules 6180
j. Termination of ACTS Service 6190
  FIXED INCOME PRICING SYSTEM RULES  
Part I  
Definitions 6210
Part II  
Resignation of High Yield Bonds Quoted in the Fixed Income Pricing System 6220
Part III  
Requirements Applicable to Participants in the Fixed Income Pricing System - Quotations 6230
a. Participations in FIPS  
b. Participant Obligations in FIPS  
c. Character of Quotations  
d. Operating Hours  
e. Quotations Halts  
f. Voluntary Termination of Quotations  
g. FIPS Processing and Trade Execution Functions  
Part IV  
Reporting Transactions in High Yield Fixed Income Securities 6240
a. Trade Reporting Requirements for Bonds Quoted in FIPS  
b. Trade Reporting Requirements for High Yield Bonds Not Quoted in FIPS  
c. Transaction Not Required to Be Reported  
Part V  
Dissemination of Quotation and Volume Information 6250
Part VI  
Compliance with FIPS Rules and Trade Reporting Requirements 6260
  OTCBB RULES 6500
1. Applicability 6510
2. Operation of the Service 6520
3. OTCCB-Eligible Securities 6530
4. Requirements Applicable to Market Makers 6540
5. Transaction Reporting 6550
  NASDAQ INTERNATIONAL SERVICE RULES 5100
1. Applicability 5101
2. Definitions 5102
3. Normal Business Hours 5103
4. Qualified Securities 5104
5. Access 5105
6. Requirements Applicable to Market Makers 5106
7. Automated Submission of Trading Data 5107
8. Reports 5108
9. Clearance and Settlement of International Transactions 5109
10. Suspension and Termination of Quotations by NASD Action 5110
11. Termination of Access 5111
12. Transaction Reporting Requirements 5112
13. Audit Trail Requirements 5113
  CODE OF PROCEDURE 9000
Article I  
Application and Purpose of Code  
1. Purpose 9110
2. Definitions 9120
3. Interpretation 9110(c)
4. Communication Relating to Grievances 9111
Article II  
Disciplinary Actions by District Business Conduct Committees, The Market Surveillance Committee and Others 9200
1. Issuance of Complaints by Committees 9211
2. Form, Content, Notice and Withdrawal of Complaints 9212
3. Answer to Complaints 9216
4. Request for Hearing 9221
5. Venue 9222
6. Hearing Panels 9223
7. Evidence and Procedure in Committee Hearings 9224
8. Decision of the Committee 9225
9. Consolidation of the Committee 9215
10. Acceptance, Waiver and Consent, Minor Rule Violations And Summary Complaint Procedure 9217
11. Settlement Procedure 9226
12. Complaints Directed by the Board or the National Business Conduct Committee 9213
13. Complaint Docket 9214
Article III  
1. Review of Disciplinary Actions by the National Business Conduct Committee and the Board 9310
2. Proceedings 9311
3. Evidence in National Business Conduct Committee Proceedings 9312
4. Powers of the National Business Conduct Committee on Review 9313
5. Decision of the National Business Conduct Committee 9314
6. Notification of Decision; Final Disciplinary Action 9315
7. Discretionary Review by the Board 9316
8. Application to SEC for Review 9317
Article IV  
Imposition of Sanctions and Costs 9400
1. Sanctions 9410
2. Costs of Proceedings 9420
Article V  
Limitations and Approval Procedures under Article III, Sections 38 and 39 of the Rules of Fair Practice 9500
A. Procedures under Article III, Section 38 of The Rule of Fair Practice 9510
1. Board of Governors' Surveillance Committee 9511
2. District Surveillance Committee 9512
3. Written Notification 9513
4. Hearing 9514
5. Decision and Effective Date 9515
6. Review by Board 9516
7. Composition of Board of Governors' Hearing Panel 9517
8. Decision 9518
9. Application to Commission for Review 9519
10. Successive Notices 9520
11. Complaint by the Committee 9521
B. Procedures under Article III, Section 39 of The Rules of Fair Practice 9530
1. District Staff Procedures 9531
2. District Business Conduct Committee Review 9532
3. Review by Board 9533
4. Decision of Board 9534
5. Applicable to Commission for Review 9535
Article VI  
Revocation Proceedings 9620
1. Purpose 9621
2. Commencement of Revocation Proceedings 9622
3. Hearings 9623
4. Decisions 9624
5. Other Action Not Foreclosed 9625
Article VII  
Eligibility Proceedings 9640
1. Purpose 9641
2. Eligibility Proceedings 9642
Article VIII  
Summary Suspension 9610
1. Summary Action 9611
2. Written Notification 9612
3. Request for Hearing 9613
4. Hearing 9614
5. Decision 9615
6. Review by Board 9616
7. Finding of Board on Review 9617
8. Application to Commission for Review 9618(a)
9. Application to Commission for Stay of Summary Action 9618(b)
10. Other Action Not Foreclosed 9619
Article IX  
Procedures on Grievances Concerning the Automated System 9700
1. Purpose 9710
2. Form of Application 97203
3. Request for Hearing 9730
4. Consideration of Applications 9740
5. Decision 9750
6. Review by the Nasdaq Hearing Review Committee 9760
7. Findings of Nasdaq Hearing Review Committee on Review 9770
8. Discretionary Review by the Board 9780
9. Application to Commission for Review 9790
Article X  
Miscellaneous  
1. Grounds of Disqualification of Participate in Proceedings 9131
2. Reports and Examination of Books and Records 9132
3. Rulings on Procedural Matters 9133
4. Service of Complaints, Decisions and Other Notices 9134
5. Amendments to Code of Procedure [Deleted]
Article XI  
Expedited Remedial Proceedings 9630
1. Purpose 9631
2. Commencement of Expedited Remedial Proceedings 9632
3. District or Market Surveillance Decision 9633
4. Review by Board 9634
5. Board Decision 9635
6. Hearings 9636
7. Other Action Not Foreclosed 9637
8. Application to Commission for Review 9638
Article XII  
Code of Procedures for Corporate Financing and Direct Participation Program Matters 9800
1. Purpose 9810
2. Application by Aggrieved Member 9820
3. Application for Review 9830
4. Notice of Hearing 9840
5. Hearing Committee and Procedure 9850
6. Requirement for Written Determination 9860
7. Review by Committee of Board 9870
8. Nature of Determination 9880
  UNIFORM PRACTICE CODE 11000
1. Scope of Uniform Practice Code 11100
2. Committees 11110
Resolution on Refusal to Abide by Rulings of the Committee IM-11110
3. Definitions 11120
4. When, as and If Distributed Contracts 11130
Ruling on Notice re: Trade Date IM-11120
5. Transactions in Securities "Ex-Dividend," "Ex-Rights" or "Ex-Warrants" 11140
6. Transactions "Ex-Interest" in Bonds Which Are Dealt in "Flat" 11150
7. Transactions in "Part-Redeemed" Bonds 11160
8. Comparisons or Confirmations and "Don't Know Notices" 11170
Comparisons or Confirmations and "Don't Know Notices" 11200
9. Sent by Each Party 11210
10. Description of Securities 11220
Delivery of Securities 11300
11. Book Entry Settlement 11310
12. Dates of Delivery 11320
13. Payment 11330
14. Stamp Taxes 11340
15. Part Delivery 11350
16. Units of Delivery-Stocks 11360
17. Units of Delivery-Bonds 11370
17A. Units of Delivery-Unit Investment Trust Securities 11380
18. Units of Delivery-Certificates of Deposit for Bonds 11390
Ruling on Notice re: Trading Securities as "Units" or Bonds "With Stock" IM-11390
Delivery of Securities with Draft Attached 11400
19. Acceptance of Draft: Time of Presentation 11410(a)
20. Prior to Settlement Date 11410(b)
21. With Irregularities 11410(c)
22. Expenses Due to Shipment 11410(d)
23. Expenses Due to Delay 11410(e)
24. Claims for Irregularities 11410(f)
Delivery of Securities with Restrictions 11500
25. Delivery of Temporary Certificates 11510
26. Delivery of Mutilated Securities 11520
27. Delivery of Securities Called for Redemption or Which are Deemed Worthless 11530
28. Delivery under Government Regulations 11540
29. Assignments and Powers of Substitution; Delivery of Registered Securities 11550
30. [Rescinded]  
31. Certificate of Company Whose Transfer Books Are Closed 11560
32. Certificate in Name of Corporation, Etc. 11571
33. Certificate in Name of Firm 11572
34. Certificate in Name of Dissolved Firm Succeeded by New Firm 11573
36. Certificate in Name of Deceased Person, Trustee, Etc. 11574
Delivery of Bonds and Other Evidences of Indebtedness 11600
39. Liability for Expenses 11610
40. Coupon Bonds 11610(a)
41. Registerable as to Principal 11610(d)
42. Endorsements for Banking or Insurance Requirements 11610(e)
43. Coupon Detached Prior to Delivery 11610(f)
44. Stamped Bonds 11610(g)
45. Certificates of Deposit 11610(h)
46. Computation of Interest 11620
48. Due-Bills and Due-Bill Checks 11630
49. Claims for Dividends, Rights, Interest, Etc. 11640
50. Transfer Fees 11650
Reclamation and Rejection 11700
51 Definitions 11710(a)
52. Uniform Reclamation Form 11710(b)
53. Time for Delivery on Reclamation and Manner of Settlement 11710(c)
54. Minor Irregularities 11710(d)
55. Wrong Form of Certificate 11710(e)
56. Irregular Delivery - Transfer Refused - Lost or Stolen Securities 11720
Policy Obligations of Members Who Discover Securities in Their Possession to Which They Are Not Entitled IM-11720
57. Called Securities 11730
58. Marking to the Market 11740
Close-Out Procedure 11800
59. "Buying-In" 11810
60. "Selling-Out" 11820
61. Rights and Warrants 11840
62. CUSIP Number 11100(d)
63. Tendering Procedures for Exercise of Options 11850
64. Acceptance and Settlement of COS Orders 11860
65. Customer Account Transfer Contracts 11870
66. Settlement of Syndicate Accounts 11880
67. Settlement of Underwritten Public Offerings 11880(d)
68. Use of Trade Acceptance and Reconciliation Service 11180
69. Reconfirmation and Pricing Service Participants 11190
Clearly Erroneous Trades 11890
70. Authority to Declare Transactions Void 11890(a)
Mandatory Close-Out for Short Sales 11830
72. Clearance of Corporate Debt Securities 11900
  CODE OF ARBITRATION PROCEDURE  
Part I  
Administrative Provisions 10100
1. Matters Eligible for Submission 10101
2. National Arbitration Committee 10102
3. Director of Arbitration 10103
4. Composition and Appointment of Panels 10104
Resolution on Arbitrators' Honorarium IM-10104
5. Non-Waiver of Association Objects and Purposes 10105
6. Legal Proceedings 10106
7. Amendments, Modification, or Cancellation of Code [Deleted]
Part II.  
Industry and clearing Controversies 10200
8. Required Submission 10201
9. Composition fo Panels 10202
10. Simplified Industry Arbitration 10203
11. Applicability of Uniform Code 10204
Part III.  
Uniform Code of Arbitration 10300
12. Required Submission 10301
13. Simplified Arbitration 10302
Interpretation on Related Counterclaim IM-10302
14. Hearing Requirements—Waiver of Hearing 10303
15. Time Limitation upon Submission 10304
16. Dismissal of Proceedings 10305
17. Settlements 10306
18. Tolling of Time Limitations(s) for the Institution of Legal Proceedings and Extension of Time Limitation(s) for Submission to Arbitration 10307
19. Designation of Number of Arbitrators 10308.
20. Composition of Panels 10309
21. Notice of Selection of Arbitrators 10310
22. Peremptory Challenge 10311
23. Disclosures Required of Arbitrators 10312
24. Disqualified or Other Disability of Arbitrators 10313
25. Initiation of Proceedings 10314
26. Designation of Time and Place of Hearing 10315
27. Representation by Counsel 10316
28. Attendance at Hearings 10317
29. Policy on Closing Arguments IM-10317
29. Failure to Appear 10318
30. Adjournments 10319
31. Acknowledgement of Pleadings 10320
32. General Provisions Governing Pre-Hearing Proceedings 10321
33. Subpoenas and Power to Direct Appearances 10322
34. Evidence 10323
35. Interpretation of Provisions of Code and Enforcement of Arbitrator Rulings 10324
36. Determination of Arbitrators 10325
37. Record of Proceedings 10326
38. Oaths of the Arbitrators and Witnesses 10327
39. Amendments 10328
40. Reopening of Hearings 10329
41. Awards 10330
42. Incorporation by Reference 10331
43. Schedule of Fees for Customer Disputes 10332
44. Schedule of Fees for Industry and Clearing Controversies 10205
45. Member Surcharge 10333
46. Procedures for Large and Complex Cases 10334
47. Injunctions 10335
48. [Reserved]  
49. [Reserved]  
Part IV  
Mediation Rules 10400
50. Scope and Authority 10401
51. Submission of Eligible Matters 10402
52. Arbitration Proceedings 10403
53. Mediator Selection 10404
54. Limitation on Liability 10405
55. Mediation Ground Rules 10406
Resolution on Failure to ACT under Provisions of Code of Arbitration Procedure IM-10100
  Investment Company Securities [Deleted]
Introduction [Deleted]
  Interpretation and Policies of the Board of Governors Regarding Investment Company Securities  
Promt Payment by Members for Shares of Investment Companies [Rescinded]
"Breakpoint" Sales IM-2830-1
Policy with Respect to Continuing Commissions IM-2420-2
Maintaining the Policy Offering Price IM-2830-2
  Explanatory Material Concerning Investment Company Sales Literature and Advertising  
"Tombstone" Advertising (SEC Rule 134) SEC Rules Tab
Generic or Institutional Literature and Advertising (SEC Rule 15a) SEC Rules Tab
Investment Company Prospectus Advertising (SEC Rule 482) SEC Rules Tab
Sales Literature Deemed to Be Misleading (SEC Rule 34b-1) SEC Rules Tab
Investment Company Sales Literature (SEC Rule 156 SEC Rules Tab
Guidelines Regarding Communications with the Public about Investment Companies and Variable Contracts [Rescinded]


Previous Next