*Letters

SIA Submits Comments to the SEC on a Proposal on Filing Copies of Customer Complaints

Published on:
January 24, 2003

The Securities Industry Association (SIA)* provides comments to the Securities Exchange Commission (SEC) on a proposal relating to filing copies of customer complaints, SR-NASD-2002-112. The SIA suggests a better approach that would limit the rule proposal to copies of retail customer lawsuits and arbitrations that allege sales practice violations in accordance with current form U-4 and U-5 reporting requirements and dollar thresholds in lieu of the proposed hard copies of any civil litigation complaint or arbitration claim in which a member is named as a defendant or respondent that relates to the conduct of business in securities or commodities. This approach produces more targeted reviews of complaints by the National Association of Securities Dealers (NASD), thereby advancing the state objectives of enhanced information quality and flow to NASD.

*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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