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Proposed Revision of NASD Rule on Public Communications

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  • jb5911
    The Securities and Exchange Commission last week published in the Federal Register a notice of proposed changes to the National Association of Securities
    Message 1 of 1 , Jan 6, 2002
      The Securities and Exchange Commission last week published in the
      Federal Register a notice of proposed changes to the National
      Association of Securities Dealers rules on communications with the
      public. Release No. 34-45181, 66 Fed. Reg. 67586 (Dec. 20, 2001).
      The proposed changes would completely rewrite NASD Rule 2210 and the
      related Interpretive Materials. Among the proposed changes are
      proposed liberalizations of the rules governing institutional sales
      material, correspondence, and article reprints. The proposal would
      also eliminate the specific standards regarding non-existent or self-
      conferred degrees or designations, offers of free service, claims for
      research facilities, hedge clauses, recruiting advertising, and
      periodic investment plans, although such statements would be
      prohibited if misleading, unbalanced, or inaccurate. Comments on the
      proposal are due February 14, 2002.

      The SEC notice can be accessed at the Federal Register web site
      (search for "page 67586" in the year 2001) at

      http://www.access.gpo.gov/su_docs/aces/aces140.html

      The NASD Regulation rule filings are available online at

      http://www.nasdr.com/filings/rf00_12.asp

      Although the proposal does include guidance on public appearances and
      speaking activities, it does not address disclosures about the
      financial interests that associated persons and their firms may have
      in securities that they recommend. That is the subject of a separate
      rulemaking initiative, which I discussed in a prior post at

      http://groups.yahoo.com/group/fundlaw/message/495


      John M. Baker <JBaker@...>
      Stradley, Ronon, Stevens & Young, LLP Http://www.stradley.com
      1220 19th Street, N.W., Suite 700, Washington, DC 20036
      (202) 419-8413 Fax (202) 822-0140
      FundLaw Listowner Http://groups.yahoo.com/group/fundlaw
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