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  • GENERAL PROVISIONS (0100)

    • 0100. GENERAL PROVISIONS

      This rule is no longer applicable. NASD Rule 0100 has been superseded by FINRA Rule 0100. Please consult the appropriate FINRA Rule.

      • 0110. Adoption and Application of Rules

        This rule is no longer applicable. NASD Rule 0110 has been superseded by FINRA Rule 0110. Please consult the appropriate FINRA Rule.

        • 0111. Adoption of Rules

          This rule is no longer applicable. NASD Rule 0111 has been superseded by FINRA Rule 0110. Please consult the appropriate FINRA Rule.

          The following provisions are adopted pursuant to Article VII, Section 1, of the By-Laws of the Corporation.

        • 0112. Effective Date

          This rule is no longer applicable. NASD Rule 0112 has been superseded by FINRA Rule 0120. Please consult the appropriate FINRA Rule.

          The Rules shall become effective as provided in Section 1 of Article XI of the By-Laws.
          Amended by SR-NASD-98-86 eff. Nov. 19, 1998.

        • 0113. Interpretation

          This rule is no longer applicable. NASD Rule 0113 has been superseded by FINRA Rule 0130. Please consult the appropriate FINRA Rule.

          The Rules shall be interpreted in such manner as will aid in effectuating the purposes and business of the Association, and so as to require that all practices in connection with the investment banking and securities business shall be just, reasonable and not unfairly discriminatory.
          Cross Reference–

          Resolution under Article XI, Section 4, of the By-Laws: Interpretations and Explanations

        • 0114. Effect on Transactions in Municipal Securities

          This rule is no longer applicable. NASD Rule 0114 has been superseded by FINRA Rule 0150. Please consult the appropriate FINRA Rule.

          The Rules shall not be construed to apply to contracts made prior to the effective date of the Rules or to transactions in municipal securities (as defined in Section 3(a)(29) of the Act).
          Amended by SR-NASD-95-39 eff. Aug. 20, 1996.

        • 0115. Applicability

          This rule is no longer applicable. NASD Rule 0115 has been superseded by FINRA Rule 0140. Please consult the appropriate FINRA Rule.

          (a) These Rules shall apply to all members and persons associated with a member. Persons associated with a member shall have the same duties and obligations as a member under these Rules.
          (b) A member or person associated with a member, who has been expelled, canceled or revoked from membership or from registration or who has been barred from being associated with all members, shall cease to have any privileges of membership or registration. A member or person associated with a member who has been suspended from membership or registration shall also cease to have any privileges of membership or registration other than those under the Code of Procedure as set forth in the Rule 9000 Series or insurance programs sponsored by the Association. In neither case shall such a member or person associated with a member be entitled to recover any admission fees, dues, assessments or other charges paid to the Association.

          Cross Reference–

          IM-8310-1, Effect of a Suspension, Revocation or Bar

          (c) A member or person associated with a member who has been suspended from membership or from registration shall be considered as a non-member during the period of suspension for purposes of applying the provisions of these Rules which govern dealings between members and non-members. However, such member or person associated with a member shall have all of the obligations imposed by the rules of the Corporation.
          Amended by SR-NASD-95-39 eff. Aug. 20, 1996.

          Selected Notices: 87-53, 88-96.

        • 0116. Application of Rules of the Association to Exempted Securities

          This rule is no longer applicable. NASD Rule 0116 has been superseded by FINRA Rule 0150. Please consult the appropriate FINRA Rule.

          (a) For purposes of this Rule, the terms "exempted securities" and "municipal securities" shall have the meanings specified in Sections 3(a)(12) and 3(a)(29) of the Act, respectively.
          (b) Unless otherwise indicated within a particular provision, the following Rules of the Association and Interpretative Materials thereunder are applicable to transactions and business activities relating to exempted securities, except municipal securities, conducted by members and associated persons: 2110, 2120, 2210, IM-2210-1, IM-2210-2, IM-2210-3, 2250, 2270, 2310, IM-2310-2, IM-2310-3, 2320, 2330, IM-2330, 2340, 2430, 2450, 2510, 2520, 2521, 2522, IM-2522, 2770, 2780, 2820(g), 2910, 3010, 3020, 3030, 3040, 3050, 3060, 3070, 3110, IM-3110, 3120, 3130, IM-3130, 3131, 3140, 3230, 3310, IM-3310, 3320, IM-3320, 3330, 8110, 8120, 8210, 8310, IM-8310-1, IM-8310-2, 8320, 8330, and 9552.
          Amended by SR-NASD-2003-110 eff. June 28, 2004.
          Adopted by SR-NASD-2000-38 eff. Oct. 28, 2001.

          Selected Notices: 01-63, 04-36.

      • 0120. Definitions

        This rule is no longer applicable. NASD Rule 0120 has been superseded by FINRA Rule 0160. Please consult the appropriate FINRA Rule.

        When used in these Rules, unless the context otherwise requires:
        (a) "Act"
        The term "Act" means the Securities Exchange Act of 1934, as amended.
        (b) "Association"
        The term "Association" means, collectively, the NASD, NASD Regulation, and NASD Dispute Resolution.
        (c) "By-Laws"
        The term "By-Laws" means the By-Laws of the Corporation.
        (d) "Code of Procedure"
        The term "Code of Procedure" means the procedural rules contained in the Rule 9000 Series.
        (e) "Commission"
        The term "Commission" means the Securities and Exchange Commission (SEC), established pursuant to the Act.
        (f) "Completion of the Transaction"
        The term "the completion of the transaction" means:
        (1) In the case of a customer who purchases a security through or from a member, except as provided in subparagraph (2), the time when such customer pays the member any part of the purchase price, or, if payment is effected by a bookkeeping entry, the time when such bookkeeping entry is made by the member for any part of the purchase price;
        (2) In the case of a customer who purchases a security through or from a member and who makes payment therefor prior to the time when payment is requested or notification is given that payment is due, the time when such member delivers the security to or into the account of such customer;
        (3) In the case of a customer who sells a security through or to a member, except as provided in subparagraph (4), if any security is not in the custody of the member at the time of sale, the time when the security is delivered to the member, and if the security is in the custody of the member at the time of sale, when the member transfers the security from the account of such customer;
        (4) In the case of a customer who sells a security through or to a member and who delivers such security to such member prior to the time when delivery is requested or notification is given that delivery is due, the time when such member makes payment to or into the account of such customer.
        (g) "Customer"
        The term "customer" shall not include a broker or dealer.
        (h) Reserved.
        (i) "Member"
        The term "member" means any individual, partnership, corporation or other legal entity admitted to membership in the Association under the provisions of Articles III and IV of the By-Laws.
        (j) "NASD"
        The term "NASD" means, collectively, NASD Inc., NASD Regulation, and NASD Dispute Resolution.
        (k) "Nasdaq"
        The term "Nasdaq" mean The Nasdaq Stock Market, Inc.
        (l) "NASD Regulation"
        The term "NASD Regulation" means NASD Regulation, Inc.
        (m) "National Adjudicatory Council"
        The term "National Adjudicatory Council" means the committee of NASD Regulation which may be authorized and directed to act for the Board of Directors of NASD Regulation in a manner consistent with the By-Laws of NASD Regulation, the Rules of the Association, and the Delegation Plan with respect to (1) an appeal or review of a disciplinary proceeding; (2) a statutory disqualification decision; (3) a review of a membership proceeding; (4) a review of an offer of settlement, a letter of acceptance, waiver, and consent, and a minor rule violation plan letter; (5) the exercise of exemptive authority; and (6) such other proceedings or actions authorized by the Rule of the Association.
        (n) "Person"
        The term "person" shall include any natural person, partnership, corporation, association, or other legal entity.
        (o) "Rules" or "Rules of the Association"
        The term "Rules" or "Rules of the Association" means the numbered rules set forth in the NASD Manual beginning with the Rule 0100 Series, as adopted by the Board of Governors of the NASD pursuant to the By-Laws of the NASD, as hereafter amended or supplemented.
        (p) "Selling Group"
        The term "selling group" means any group formed in connection with a public offering, to distribute all or part of an issue of securities by sales made directly to the public by or through members of such selling group, under an agreement which imposes no financial commitment on the members of such group to purchase any such securities except as they may elect to do so.
        (q) "Selling Syndicate"
        The term "selling syndicate" means any syndicate formed in connection with a public offering, to distribute all or part of an issue of securities by sales made directly to the public by or through participants in such syndicate under an agreement which imposes a financial commitment upon participants in such syndicate to purchase any such securities.
        Amended by SR-FINRA-2010-029 eff. Feb. 8, 2011.
        Amended by SR-NASD-2006-104 eff. March 5, 2007.
        Amended by SR-NASD-2003-75 eff. July 9, 2003.
        Amended by SR-NASD-99-21 eff. July 9, 2000.
        Amended by SR-NASD-98-57 eff. March 26, 1999.
        Amended by SR-NASD-98-86 eff. Nov. 19, 1998.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notice: 10-47

        • 0121. Definitions in NASD By-Laws

          This rule is no longer applicable. NASD Rule 0121 has been superseded by FINRA Rule 0160. Please consult the appropriate FINRA Rule.

          Unless the context otherwise requires, or unless otherwise defined in these Rules, terms used in the Rules and interpretive material, if defined in the NASD By-Laws, shall have the meaning as defined in the NASD By-Laws.
          Amended by SR-NASD-97-28 eff. Aug. 7, 1997.

      • 0130. Delegation, Authority and Access

        This rule is no longer applicable. NASD Rule 0130 has been superseded by FINRA Rule 0170. Please consult the appropriate FINRA Rule.

        (a) The National Association of Securities Dealers, Inc., delegates to its subsidiaries (NASD Regulation, Inc., and NASD Dispute Resolution, Inc., hereinafter "Subsidiaries") the authority to act on behalf of the Association as set forth in a Plan of Allocation and Delegation adopted by the Board of Governors and approved by the Commission pursuant to its authority under the Act.
        (b) Notwithstanding any delegation of authority to the Subsidiaries pursuant to this Rule, the staff, books, records and premises of the Subsidiaries are the staff, books, records and premises of the Association subject to oversight pursuant to the Act, and all officers, directors, employees and agents of the Subsidiaries are the officers, directors, employees and agents of the Association for purposes of the Act.
        Amended by SR-NASD-2006-104 eff. March 5, 2007.
        Amended by SR-NASD-2005-087 eff. Aug. 1, 2006
        Adopted by SR-NASD-96-16 eff. Apr. 11, 1996.