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1060. Persons Exempt from Registration

This rule is no longer applicable. NASD Rule 1060 has been superseded by FINRA Rule 1200 Series. Please consult the appropriate FINRA Rule.

(a) The following persons associated with a member are not required to be registered with the Association:

(1) persons associated with a member whose functions are solely and exclusively clerical or ministerial;

(2) persons associated with a member who are not actively engaged in the investment banking or securities business;

(3) persons associated with a member whose functions are related solely and exclusively to the member's need for nominal corporate officers or for capital participation; and

(4) persons associated with a member whose functions are related solely and exclusively to:

(A) effecting transactions on the floor of a national securities exchange and who are registered as floor members with such exchange;

(B) transactions in municipal securities;

(C) transactions in commodities; or

(D) transactions in security futures, provided that any such person is registered with a registered futures association.

Amended by SR-FINRA-2014-037 eff. Aug. 24, 2015.
Amended by SR-NASD-2002-40 eff. Oct. 15, 2002.
Amended by SR-NASD-98-86 eff. Nov. 19, 1998.
Amended by SR-NASD-95-39 eff. Aug. 20, 1996.
Amended by SR-NASD-94-51 eff. Feb. 15, 1995.
Amended by SR-NASD-88-12 eff. Nov. 2, 1988.
Amended by SR-NASD-80-01 eff. June 26, 1980.

Selected Notices: 95-37, 15-07.

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