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NASD Publishes Final Rules Governing Communications with the Public
Washington, DC, July 7, 2003 - The NASD has published a notice that includes the text of rules—approved by the SEC—governing communications with the public.
The NASD originally proposed the amendments in January 2002. The amendments were approved by the SEC earlier this year. Among other things, the rule changes address:
- the definition of “institutional investor,”
- article reprints,
- public appearances,
- member communication,
- ranking guidelines, and
- filing requirements.
The revised rules will not be effective until Monday, November 3, 2003.
The Institute has expressed support for revisions to the rules that, for the first time, distinguish communications directed to institutional investors from those directed to retail customers and provide different regulatory treatment for each class of communications.
- SEC Seeks Comment on Amendments to NASD Communication Rules, January 2002
- ICI Files Comment Letter on NASDR Proposals Re Communications with the Public, November 1999
- NASDR Proposes "Interpretive Material" Governing Unregistered Persons' Communications with the Public, September 1997
The Institute devotes a section of its website to a wide variety of fund disclosure issues.