SIA Submits Comments to the NASD on Customer Access to Investment Analysis Rules

The Online Brokerage Legal, Technology & Regulation and Self Regulation Supervisory Practices Committees of the Securities Industry Associaiton (SIA)* provide comments to the National Association of Securities Dealers, Inc. (NASD) on proposed Interpretive Material to NASD Rule Rule 2210(d)(2)(N) (Predictions and Projections), NASD Notice to Members 02-51. The proposed Interpretive Material would provide a limited exception to NASD Rule Rule 2210(d)(2)(N) allowing firms to provide customers direct access to investment analysis tools under limited circumstances. SIA believes in the process of trying to loosen its rules to accommodate such products, the NASD has actually interpreted more broadly the scope of the general rule/prohibition to which the proposed exception would apply.

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