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NASD Proposes CEO/Chief Compliance Officer Certification Requirement

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  • Baker, John
    The NASD today proposed rule amendments that would require each member broker-dealer to designate a Chief Compliance Officer who, jointly with the member s
    Message 1 of 1 , Jun 4, 2003
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      The NASD today proposed rule amendments that would require each member broker-dealer to designate a Chief Compliance Officer who, jointly with the member's Chief Executive Officer, must certify annually that the member has in place adequate compliance and supervisory policies and procedures. NASD Notice to Members 03-29 (June 2003). The certification requirement is analogous to, and obviously inspired by, the officer certification requirements in the Sarbanes-Oxley Act. The officers' responsibility, under the proposal, is to execute the certification with a reasonable basis for doing so and to do so in a manner that comports with high standards of commercial honor and just and equitable principles of trade. Comments on the proposal are due July 11, 2003. Before becoming effective, any rule change must be approved by the NASD Board of Governors and the Securities and Exchange Commission.

      The NASD press release, with a link to Notice to Members 03-29, is available online at

      http://www.nasdr.com/news/pr2003/release_03_025.html


      John M. Baker <JMB@...>
      Stradley, Ronon, Stevens & Young, LLP Http://www.stradley.com <Http://www.stradley.com>
      1220 19th Street, N.W., Suite 600, Washington, DC 20036
      (202) 419-8413 Fax (202) 822-0140
      FundLaw Listowner Http://groups.yahoo.com/group/fundlaw <Http://groups.yahoo.com/group/fundlaw>




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