Re[2]: SEC Rule Announcement
--- begin forwarded text From: jmuller@brobeck.com X-Server-Uuid: b0fe6c76-9e59-11d1-b373-00805fa7c2de MIME-Version: 1.0 Date: Thu, 5 Feb 1998 14:39:08 -0800 Subject: Re[2]: SEC Rule Announcement To: "Robert Hettinga" <rah@shipwright.com>, <dcsb@ai.mit.edu>, "Arnold G. Reinhold" <reinhold@world.std.com> X-WSS-ID: 18C49FCB618-18C49FCB619-01 Sender: bounce-dcsb@ai.mit.edu Precedence: bulk Reply-To: jmuller@brobeck.com This is actually an NASD rule change; the SEC reviews proposed NASD rule changes and almost always approves them. The NASD rule change is in Notice to Members 98-11 (available at http://www.nasdr.com/2610.htm), and was approved by the SEC on December 31, 1997, effective February 15. The NASD views the change as simply clarifying a requirement that was already in place: the rule previously required that NASD member broker/dealers establish procedures for the review of all correspondence relating to solicitation or execution of securities transactions. The rule as amended will state that these procedures must apply to all incoming and outgoing written and electronic correspondence with the public relating to the firm's investment banking or securities business. The rule itself does not say anything about home offices, but in the introduction to the rule, the NASD says that it will "expect members to prohibit correspondence with customers from employees' home computers or through third party systems unless the firm is capable of monitoring such communications." My mama taught me if I can't say anything nice, I shouldn't say anything at all, so I will not comment on the rule. If you're interested enough to go to the NASD Web site shown above, you will probably also want to look at Notice to Members 98-3, which sets out general principles for electronic delivery of information between brokers and their customers. John Muller mailto:jmuller@brobeck.com For help on using this list (especially unsubscribing), send a message to "dcsb-request@ai.mit.edu" with one line of text: "help". --- end forwarded text ----------------- Robert Hettinga (rah@shipwright.com), Philodox e$, 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' The e$ Home Page: http://www.shipwright.com/ Ask me about FC98 in Anguilla!: <http://www.fc98.ai/>
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Robert Hettinga