This By-Law change, which takes effect January 1,requires members to: By this time members should be in the process of obtaining, or have already obtained, the required Internet access and e-mail account for their Executive Representative. Members should have also returned the User Request Form, which was mailed to each Executive Representative on November 17,to request a User ID and password required to update the firm's Contact Questionnaire.
Since the User ID and password are required to gain access to the Contact Questionnaire on the NASD Regulation Web Site and given the holiday season with its inherent postal delays, the deadline for updating the Questionnaire has been extended to February 1, Since the complimentary print distribution of these publications will terminate in January, member firms that wish to continue to receive the printed versions may subscribe at cost by contacting NASD Media- Source SM at Each Executive Representative will be eligible for one subscription to Notices to Members at cost, i.
For questions regarding the Contact Questionnaire, or to receive a copy of the User Request Form, please call This Notice also provides guidance concerning fee and expense disclosure in certain types of mutual fund sales material, and announces an NASD initiative to review this issue further.
Questions concerning this Notice may be directed to Thomas M. NASD Rule d 1 generally requires that all member communications with the public provide a sound basis for evaluating the facts regarding a particular security or service and that they include material qualifications necessary to ensure that the communications are fair, balanced, and not misleading. NASD Regulation has long interpreted Rule to prohibit members from making misleading or confusing presentations in their sales material concerning the fees and expenses associated with a variety of investment
Smbc theater dating solutions plugin and services, including discount brokerage, wrap accounts, and products.
In particular, NASD Regulation strongly objects to presentations that list specific fees that do notapply, without discussing the Smbc theater dating solutions plugin or expenses that doapply.
Such presentations raise investor protection concerns because of the possibility that the presentations may confuse investors about the range of fees and expenses that the investors must pay when they purchase and own particular products.
Discussions of factors such as fees and expenses should be fair and balanced, whether the investment decision concerns the purchase of mutual funds or other investment products. In order to ensure greater consistency in the application of the principles concerning disclosure of fees and expenses, NASD Regulation now takes the interpretive position that if an item of sales material lists specific mutual fund fees and expenses that do not apply to the purchase, redemption, or ownership of the fund's shares, then this sales material ordinarily must list specific fees and expenses that do apply e.
As always, NASD Regulation staff will respond to questions from members who file such sales material, concerning the practical application of this interpretive position. Members also are reminded that Securities and Exchange Commission SEC Rule under the Securities Act of and SEC Rule 34b-1 under the Investment Company Act of require that sales material presenting data about the performance of an advertised mutual fund, also disclose the maximum amount of any sales load or other nonrecurring fee.
In addition, SEC Rule under the Securities Act ofwhich provides guidance on when sales material may be misleading, indicates that statements about investment expenses may be relevant to whether an implicit representation about future performance has been made.
NASD Regulation does not currently interpret the SEC and NASD rules to require disclosure of total fund operating expenses or other applicable fees when sales material merely refers to the advertised mutual fund as "no-load" or Smbc theater dating solutions plugin of a "no-load" family of funds.
In addition, this type of disclosure is not currently required when, in discussing how to invest in the fund, the sales material states merely that the mutual fund imposes no sales charge.
Members are on notice, however, that NASD Regulation now takes the position that in all such cases, the sales material must disclose the fact that other fees and expenses do apply to a continued investment in the fund and are described in the fund's current prospectus.
This disclosure could accompany the disclosure telling investors to read the prospectus before investing. Similarly, sales material that discloses the load charged by a mutual fund also must disclose that other expenses apply to a continued investment in the fund and are described in the fund's current prospectus, to ensure that investors are not confused about whether the load represents the only fee or expense associated with the purchase or continued investment in the mutual fund.
NASD Regulation "Smbc theater dating solutions plugin" its Investment Companies Committee the Committee recognize the importance of ensuring that presentations in member sales material concerning mutual fund fees and expenses are fair, balanced, and not misleading. Consequently, the Committee has recommended that the NASD Regulation staff comprehensively Smbc theater dating solutions plugin the standards applicable to the disclosure of fees and expenses in mutual fund sales material.
The staff intends to consider, among other issues, whether:. "Smbc theater dating solutions plugin" schedule of trade dates-settlement dates below reflects the observance by the financial community of Columbus Day, Monday, October 11, On this day, The Nasdaq Stock Market and the securities exchanges will be open for trading.
However, it will not be a settlement date because many of the nation's banking institutions will be closed. October 11,is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board. Transactions made on Monday, October 11, will be combined with transactions made on the previous business day, October 8, for settlement on October The schedule of trade dates-settlement dates below reflects the observance by the financial community of Veterans Day, Thursday, November 11,and Thanksgiving Day, Thursday, November 25, However, it will not be a settlement date because many of the nation's banking Smbc theater dating solutions plugin will be closed in observance of Veterans Day.
All securities markets will be closed on Thursday, November 25, in observance of Thanksgiving Day. November 11,is considered a business day for receiving customers' payments under Regulation T of the Federal Reserve Board. Transactions made on November 11 will be combined with transactions made on the previous business day, November 10, for settlement on November The
Smbc theater dating solutions plugin Stock Market and the securities exchanges will be open on December 31,and January 3, Brokers, dealers, and municipal securities dealers should use the foregoing settlement dates for purposes of clearing and settling transactions pursuant to the National Association of Securities Dealers, Inc.
Questions regarding the application of those settlement dates to Smbc theater dating solutions plugin particular situation may be directed to the NASD Uniform Practice Department at The date by which members must take such action is shown in the column titled "Reg.
All bonds listed above are subject to trade-reporting requirements. Under Rulethe maximum SOES order size for an NNM security is 1,or shares, depending on the trading characteristics of the security.
In accordance with RuleNasdaq periodically reviews the maximum SOES order size applicable to each NNM security to determine if the trading characteristics of the issue have changed so as to warrant an adjustment.
Such a review was conducted using data as of September 30,pursuant to the aforementioned standards. The maximum SOES order-size changes called for by this review are being implemented with three exceptions. First, issues were not permitted to move more than one size level.
For example, if an issue was previously categorized in the 1,share level, it would not be permitted to move to the share level, even if the formula calculated that such a move was warranted. The issue could move only one level to the share level as a result of any single review.
Third, for the top 50 Nasdaq securities based on market capitalization, the maximum SOES order sizes were not reduced, regardless of whether the reranking called for a reduction. In addition, with respect to initial public offerings IPOsthe SOES ordersize reranking procedures provide that a security must first be traded on Nasdaq for at least 45 days before it is eligible to be reclassified. On July 15,the Securities and Exchange Commission approved an amendment to NASD Rule a 1 Cwhich reduced the minimum quotation size for all Nasdaq securities to one normal trading unit when a Market Maker is not displaying a limit order, and which thus eliminated the requirement that Market Makers quote a size equal to the maximum SOES order size.
Among the provisions of Regulation T are requirements governing the initial margin requirements for certain securities transactions.
The NASD believes that some members are calculating margin for daytraders and cross-guaranteed accounts in a manner that is not consistent with the requirements of Regulation T and Rule Accordingly, members are advised to review their margin calculation practices to ensure that they conform to the requirements of these rules. Adherence to the margin requirements is in the best interest of the investing public and serves to protect the financial security of members that extend credit.
These harges include those specified in Rule f 4 for certain guaranteed accounts. Members should review the requirements of SEC Rule 15c and Rule to determine whether they are in compliance with these rules. Members should be aware that the NASD believes compliance with the margin and net capital requirements is of paramount importance and intends to examine member firms for compliance with these rules.
This Notice addresses some of the most frequently asked questions regarding the application of Regulation T and Rule to day-trading and cross-guaranteed accounts.
In order to clarify member understanding of the requirements relating to day-trading and cross-guaranteed accounts, highlighted below in plain English are some of the fundamental requirements and provisions of these rules.
Members must perform two separate margin calculations for each account each day; one for Regulation T and one for Rule The calculations should be performed at the end of each trade date; intra-day calculations are not permitted. Members must comply with the requirements of both rules at all times. A "day-trader" is any customer whose trading shows a pattern of day-trading see Rule f 8 B. See also the Securities Industry Association's Credit Division Manual's definition of "daytrading" as "selling first and then repurchasing" the same security on the same day.
Day-trades should occur only in margin accounts. Day-trading in a cash account may amount to free riding i. Regulation T requires initial margin of 50 percent for new purchases and percent for short sales of which percent can come from the proceeds of the short sale, with the customer depositing remaining 50 percent.
See Regulation T, Sections If a customer's account is both "long" and "short" the same security, Rule e 1 requires five percent maintenance margin of the current market value of the long security. The short position must be marked to the market. If two accounts are cross-guaranteed and one is long the same security that the other is short the same number of securities, the maintenance margin requirement on the combined positions is five percent.
This five percent maintenance margin requirement in no way eliminates the requirement to comply with the initial margin requirements of Regulation T on the original purchase and short sale. Therefore, members must apply Regulation T to each account separately, notwithstanding the fact that Rule permits certain special maintenance margin treatment for transactions in cross-guaranteed accounts.
Rule f 4 permits cross guarantees for maintenance margin purposes so that the amount of maintenance margin excess in one account may be used to offset a maintenance margin deficit in the other cross-guaranteed account. In any given situation, the account with the maintenance margin excess is considered the guaranteeing account and the account with the maintenance margin deficit is considered the guaranteed account. Margin is required for each long or short securities position unless an exception or special provision is available see Regulation T, Section 4 b.
The required margin is set forth in Section 12 the Supplement. Regulation T margin is calculated at the end of the business day. All transactions on the same day are combined to determine the Regulation T requirement. Therefore, Regulation T does not distinguish between day-trading and other forms of trading see Regulation T, Section 4 c 1. A Regulation T margin requirement may be satisfied by a transfer from the Special Memorandum Account SMAor by a deposit of cash, margin securities, or exempted securities, in any combination see Regulation T, Section 4 c 2.
Regulation T treats a short sale "against the box" as a long sale see Regulation T, Section 4 b 2. As a result, there is no Regulation T requirement on the transaction; however, Rule e 1 imposes a five percent margin requirement on the market value of the long position and requires the short position to be marked to the market. A sale cannot be treated as a short sale " against the box," nor can it be treated as a long sale, if the account making the sale is not long the same number of shares of the same security, even if another cross-guaranteeing is long the security.
Because cross guarantees have Smbc theater dating solutions plugin effect under Regulation T, the fact that another cross-guaranteeing account is long the security is meaningless for Regulation T purposes and the sale must be regarded as a short sale subject to a margin requirement of percent see Regulation T, Section 12 c 1.
Regulation T has no margin requirements for day-trading per se. Regulation T margin is calculated on the position in the account at the end of the day. Therefore, if a day-trader engages in numerous day-trades throughout the day, but ends the day with no securities position, Regulation T requires margin equal to the net loss in the account at the Smbc theater dating solutions plugin of the day.
A Regulation T call must be issued for the entire amount of the loss.
The call may be met by a deposit of cash or securities margin or exempteda transfer from SMA, or any combination see Regulation T, Section 4 c 2. While often thought of as a "maintenance" margin rule, Rule also contains initial margin requirements see paragraph b. Initial margin is always the greater of the amount specified in Regulation T or the maintenance margin specified in paragraph c. This requirement applies to both non day-traders see paragraph B and day-traders see paragraph f 8 B. Rule was created to work in tandem with Regulation T.
Therefore, because Regulation T calculations are made only at the end of the day, Rule maintenance margin calculations must be made only at the end of the day.
Although firms may calculate margin intra-day Smbc theater dating solutions plugin risk assessment and risk avoidance purposes, and may impose margin calls based on such intra-day calculations, members may not grant additional buying power2 to a customer on the basis of such intraday calculations.
Buying power may only be based on the preceding day's end-of-the-day margin calculations. A maintenance margin call may be satisfied by a deposit of cash, margin securities, or exempted securities, in any combination.
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Questions And Answers Relating To The Calculation Of Initial And Maintenance Margin On Day-Trading And.