*Letters

SIA Submits Comments to the NASD and the NYSE on NASD Member Firm Gifts and Business Entertainment Practices

Published on:
March 7, 2006

The Self-Regulation and Supervisory Practices Committee of the Securities Industry Association (SIA)*providescomments to theNational Association of Securities Dealers, Inc.(NASD)and the New York Stock Exchange, Inc. on a NASD proposal relating to NASD member firm gifts and business entertainment practices, policies and procedures,NASD Notice to Members 06-06 and SR-NYSE-2006-06. SIA firmly agrees with the proposals overarchingprinciples that a firm should not use entertainment to cause a customer representative to act contrary to the best interests of the customer. SIA offers its observations and recommendations to clarify certain definitional and other interpretive issues, including implementation aspects, such as, recordkeeping, tracking and client notification requirements.

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

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