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Re[2]: SEC Rule Announcement
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From: [email protected]
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Date: Thu, 5 Feb 1998 14:39:08 -0800
Subject: Re[2]: SEC Rule Announcement
To: "Robert Hettinga" <[email protected]>, <[email protected]>,
"Arnold G. Reinhold" <[email protected]>
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This is actually an NASD rule change; the SEC reviews proposed NASD
rule changes and almost always approves them. The NASD rule change is
in Notice to Members 98-11 (available at
http://www.nasdr.com/2610.htm), and was approved by the SEC on
December 31, 1997, effective February 15.
The NASD views the change as simply clarifying a requirement that was
already in place: the rule previously required that NASD member
broker/dealers establish procedures for the review of all
correspondence relating to solicitation or execution of securities
transactions. The rule as amended will state that these procedures
must apply to all incoming and outgoing written and electronic
correspondence with the public relating to the firm's investment
banking or securities business. The rule itself does not say anything
about home offices, but in the introduction to the rule, the NASD says
that it will "expect members to prohibit correspondence with customers
from employees' home computers or through third party systems unless
the firm is capable of monitoring such communications."
My mama taught me if I can't say anything nice, I shouldn't say
anything at all, so I will not comment on the rule. If you're
interested enough to go to the NASD Web site shown above, you will
probably also want to look at Notice to Members 98-3, which sets out
general principles for electronic delivery of information between
brokers and their customers.
John Muller
mailto:[email protected]
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Robert Hettinga ([email protected]), Philodox
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