*Letters

SIA Submits Comments to the SEC on the Opening Day-Trading Accounts

Published on:
March 23, 2000

The Discount Brokerage Committee and the Ad-hoc Committee on Technology & Regulation of the Securities Industry Association (SIA)* provide comments to the Securities and Exchange Commission (SEC) on an amended National Association of Securities, Inc. (NASD) Rule regarding the opening of day-trading accounts, File No. SR-NASD-99-41. SIA believes that NASDR needs to clear up the apparent confusion over how promotion of day trading will be interpreted in the context of individual solicitations. Also, the SIA believes that the provision that assigns firms the responsibility for uncovering customer violations of the customer’s “Other Use” agreement is overly burdensome and ill-advised as a matter of public policy.
*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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