*Letters

Prohibition of Unregistered Persons Communicating with the Public for Solicitation

Published on:
November 10, 1997

The Self-Regulation and Supervisory Practices Committee of the Securities Industry Association (SIA)* provides comments to the National Association of Securities Dealers Regulation, Inc. (NASDR) on proposed interpretations designed to prohibit unregistered persons from communicating with members of the public to solicit the purchase of securities or related services, or to identify prospective customers.  SIA believes that the proposed interpretation is wholly unnecessary in light of the myriad of federal, state, and self-regulatory organization (SRO) regulations that govern licensing and telemarketing activity.

*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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