The Bond Market Association (TBMA)* provides comments to the Securities and Exchange Commission (SEC) on a proposed rule change to the scope of National Association of Securities Dealers (NASD) Rule 2440 and Interpretive Material 2440 relating to fair prices and commissions to apply to all securities transactions, SR-NASD-2006-005.  TBMA believes the proposal raises significant questions about the jurisdiction of the various self-regulatory organizations (SROs) and about the overlap between those jurisdictions.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.