The 2023 Report on FINRA's Examination and Risk Monitoring Program provides key insights and observations on two dozen key regulatory topics, making it a must-read for compliance professionals. On December 1, 2022, the Pandemic Response Accountability Committee (PRAC) Health Care Subgroup issued its report on fraud, waste and abuse risks that arose as a . 11640. Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Hearing Officers, 9234. No member or associated person shall, directly or indirectly, pay any compensation, fees, concessions, discounts, commissions or other allowances to: (1) any person that is not registered as a broker-dealer under Section 15(a) of the Exchange Act but, by reason of receipt of any such payments and the activities related thereto, is required to be so registered under applicable federal securities laws and SEA rules and regulations; or. Generally, FINRA firms or associated persons are forbidden from "paying any compensation, fees, concessions, discounts, commissions or . CHARGES FOR OTC REPORTING FACILITY, OTC BULLETIN BOARD AND TRADE REPORTING AND COMPLIANCE ENGINE SERVICES, 9220. Code of Arbitration Procedure for Customer Disputes, 13000. Trading Halts Due to Extraordinary Market Volatility, 6130. A member may pay to a nonregistered foreign person (the finder) transaction-related compensation based upon the business of customers the finder directs to the member if the following conditions are met: (1) the member has assured itself that the finder who will receive the compensation is not required to register in the United States as a broker-dealer nor is subject to a disqualification as defined in Article III. Washington, DC 20006-1506. Rule 2040 prohibits member firms from directly or indirectly paying any compensation, fees, concessions, discounts or commissions to: . Certificate of Company Whose Transfer Books Are Closed, 11571. Wednesday, January 18, 2023. DELIVERY OF SECURITIES WITH RESTRICTIONS, 11600. Generating and Sending Lists to the Parties, 13406. Availability of Manual to Customers, 8210. Requirements for Alternative Trading Systems to Record and Transmit Order and Execution Information for Security Futures, 4580. The NASD believes that it is important to be able to regulate the flow of securities-related compensation from its members to unregistered persons in connection with the solicitation of securities transactions. The SEC approved the adoption of newFINRA Rule 2165(Financial Exploitation of Specified Adults), allowing members to place temporary holds on disbursements of funds where there is reasonable belief of financial exploitation, as well as amendments toFINRA Rule 4512(Customer Account Information), requiring members to identify a trusted, third-party contact to verify a customers activities as legitimate. The SEC published the proposal in the Federal Register on March 22, 1996, requesting comments by May 21, 1996.2 The SEC received 87 comments on the proposed bank broker/ dealer rule, many of which objected to the referral fee provision in the rule. Compliance with the Information Requirements of SEA Rule 15c2-11, 6433. Automated Submission of Trading Data Requested by FINRA, 8213. The FINRA Rulebook Search Tool (FIRST) is an enhanced search feature that can help users identify potentially relevant FINRA rules and their associated requirements. Post-Employment Conflict of Interest Restrictions; Nonpublic Information, 10200. 245 Murray Ln SW - BLDG T-5, Washington, DC 20223 202-406-5708. https://www.secretservice.gov . 3See NASD Notice to Members 89-3; NASD Guide to Rule Interpretations (May 1994), p. 108. If you are involved in a transaction where you are a finder or are contemplating paying a finder you need legal representation. Filed Pursuant to Rule 433 . CLEARING, TRANSACTION AND ORDER DATA REQUIREMENTS, AND FACILITY CHARGES, 7200B. Obligations of Members Who Discover Securities in Their Possession to Which They Are Not Entitled, 11810. 9See NASD Guide to Rule Interpretations, supra, note 3: "On an informal basis, the [NASD] has permitted 'one time' fees not tied to the completion of a transaction or opening of an account." In addition, members would be permitted to pay fixed fees for referrals on an occasional basis, provided that the fee is minimal and that neither the entitlement to nor the amount of the fees are linked to the opening of an account, the execution of transactions, the volume of business, or in any other way tied to the outcome of the referral. Comments received by this date will be considered by the Qualifications Committee and the Board of Governors. Aug. 24, 2015. Requirements for the Use of Bond Mutual Fund Volatility Ratings, 2214. As a result of a recent review of gift and gratuity practices of over 40 member firms, NASD staff is concerned that members may not be fulfilling their obligations to comply with, and establish adequate supervisory systems and procedures reasonably designed to achieve compliance with, NASDs rule governing gifts and gratuities Conduct Rule 3060 (the gift rule). Scenarios demonstrate how to determine whether gifts are business-related, and illustrate proper gift-aggregation and recordkeeping techniques. National Adjudicatory Council Formal Consideration; Decision, 9350. (3) the payment by a member of a small fixed fee for a referral where the payment is occasional, not part of a pattern or practice of such payments to the recipient, not determined by the outcome of the referral, and where the recipient does not regularly engage in activity that might reasonably be expected to result in continued referrals. 12 USC Section 2607 (a) says, "No person shall give and no person shall receive any fee. Borrowing From or Lending to Customers, 3241. CODE OF ARBITRATION PROCEDURE FOR CUSTOMER DISPUTES, PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY, PART III INITIATING AND RESPONDING TO CLAIMS, PART IV APPOINTMENT, DISQUALIFICATION, AND AUTHORITY OF ARBITRATORS, PART V PREHEARING PROCEDURES AND DISCOVERY, PART VI HEARINGS; EVIDENCE; CLOSING THE RECORD, PART VII TERMINATION OF AN ARBITRATION BEFORE AWARD, PART VIII SIMPLIFIED ARBITRATION AND DEFAULT PROCEEDINGS, 13000. Financial Exploitation of Specified Adults, 2211. Questions concerning this Request For Comment should be directed to R. Clark Hooper, Senior Vice President, Office of Disclosure and Investor . National Arbitration and Mediation Committee, 13103. Customer Account Statements and Confirmations, 2350. Trade Reporting Participation Requirements, 7220B. FINRA lays out the rules that govern brokers, overseeing over 4,200 securities firms and 624,000 registered representatives. Research Analysts and Research Reports, 2242. FINRA, OGC Mutual fund offeror may directly reimburse personal travel expenses of registered representatives that attend training and education meetings, provided appropriate records are maintained. Member Application and Associated Person Registration, 3000. Over the years, the SEC has established, through "no action letters," an exemption from broker/dealer registration requirements under the Securities Exchange Act for individuals whose function is that of a "finder." Only Ameriprise offers the Confident Retirement approach, a key to building a financial future based on your individual needs and goals. A member is not an "affiliated member" of an insurance company for purposes of Rule 2820(g)(4)(D) where no control relationship exists between the entities. 1735 K Street, NW The NASD believes that it is important to be able to regulate the flow of securities-related compensation from its members to unregistered persons. Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts, 5270. This fee applies for processing and posting to the CRD system each set of fingerprints submitted electronically by a member to FINRA, plus any other charge that may be imposed by the United States Department of Justice for processing each set of fingerprints. COMPARISONS OR CONFIRMATIONS AND "DON'T KNOW NOTICES", 11400. The NASD has stated that the following situations raise the presumption that a finder should be registered: The SEC also has taken a position on the regulatory obligations associated with the acceptance of referral fees. Extensions of Time, Postponements, and Adjournments, 9231. Sale of Securities in a Fixed Price Offering, 5160. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas, 13514. The first is for intermediaries participating in offerings conducted in compliance with Rule 506 under Regulation D. FINRA Rules apply to all FINRA members, unless such rules have a more limited application by their terms. Questions concerning this Request For Comment should be directed to R. Clark Hooper, Senior Vice President, Office of Disclosure and Investor Protection, NASD Regulation, at (202) 728-8325; or Mary N. Revell, Assistant General Counsel, Office of General Counsel, NASD Regulation, at (202) 728-8203. If you pay a referrer more than $600 in a calendar year, it's your responsibility to collect a W-9 form from them and issue a 1099 to them. See also Notice to Members 89-3, supra note 3. Regulatory Notice 20-18. Effective Date of Revocation, Cancellation, Expulsion, Suspension or Resignation, 1010. Payments by an investment adviser to broker-dealers in the form of rights to receive cash compensation upon the occurrence of specific corporate events (e.g., initial public offering of shares of the adviser) do not constitute "non-cash compensation" under NASD Rule 2830(l). Criteria for Selection of Panelists and Replacement Panelists, 9233. Filing and Serving an Initial Statement of Claim, 12308. Suspension and Termination of Quotations by FINRA Action, 6278. The longstanding rules on foreign finders - when a brokerage firm can pay transaction-based compensation to a non-registered foreign finder - will be incorporated into new FINRA Rule 2040, effective August 24, 2015. These rules were originally intended to encourage membership in FINRA by restrict-ing members' dealing with non-members. Firm compliance professionals can access filings and requests, run reports and submit support tickets. . Transactions Involving FINRA Employees, 2080. Registration as an ADF Market Maker or ADF ECN, 6276. Interim Orders and Mandatory Heightened Supervision While on Appeal or on Discretionary Review, 9312. Review Proceeding Initiated By Adjudicatory Council, 9313. Compliance with Regulation NMS Plan to Address Extraordinary Market Volatility, 6191. Firm compliance professionals can access filings and requests, run reports and submit support tickets. Others may be appropriate for your firm. Assignment of Hearing Officer and Appointment of Panelists to Hearing Panel or Extended Hearing Panel, 9214. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRAs rules and guidance strive to protect investors and ensure the integrity of todays rapidly evolving market. FINRA's e-learning courses cover regulatory requirements and industry compliance practices related to business gifts to help you understand your role as a supervisor in complying with FINRA rules. finra rules on paying referral fees; By . Hearing Procedures for Expedited Proceedings Under the Rule 9550 Series, 9561. This fee applies for the additional processing of each initial or amended Form U4, Form U5, or Form BD that includes the initial reporting, amendment, or certification of one or more disclosure events or proceedings. FINRA Requests Comment on Proposed Amendments to Its Gifts, Gratuities and Non-Cash Compensation Rules. This position is based on the definition of "representative" set forth in Part III (l)(b) of Schedule C to the NASD By-Laws, which states: Persons associated with a member who are engaged in the investment banking or securities business for the member including the functions of supervision, solicitation or conduct of business in securities are designated as representatives. Hearing Session Fees, and Other Costs and Expenses, 13905. To clarify the NASD's position and make it available to all members, the Qualifications Committee recommended, and the Board of Governors approved, the publication for comment of the proposed rule. Failure to Act Under Provisions of Code of Arbitration Procedure for Customer Disputes, 12101. (1) the payment of compensation for the referral of business by a member where the compensation is solely in connection with the underwriting or merger and acquisition business of the member; (2) the payment by a member of a fixed fee for the purchase of a listing of prospective customers; and. Dissemination of Transaction Information, 6850. June 19, 2020. Expungement of Customer Dispute Information under Rule 2080, 12902. To ensure this protection, we enact rules and publish guidance for securities firms and brokers. Loss of Defenses Due to Untimely or Incomplete Answer, 12400. Usage or reliance on this tool is not a defense to a failure to comply with the FINRA rules. Order Entry and Execution Practices, 5310. Would it be consistent with FINRA Rule 3220 (Influencing or Rewarding Employees of Others) and the non-cash compensation provisions of FINRA Rules 2310, 2320, 2341 and 5110 for an associated person to host a virtual business entertainment event or a video meeting with the employees of an institutional customer or third-party broker-dealer and provide food and beverage that is designed to be consumed during that event or meeting? The Proposed Rule. [pursuant to a referral agreement]". Debt Research Analysts and Debt Research Reports, 2251. Communications with the Public About Variable Life Insurance and Variable Annuities, 2212. The rule also requires members to keep separate records regarding gifts and gratuities. Class Action and Collective Action Claims, 13211. Rule 206(4)-1 ("Advertisements by investment advisers") will keep its numerical rule identifier as 206(4)-1, but its title will change to "Investment Adviser Marketing." Rule 206(4)-3 ("Cash payments for client solicitations") will be rescinded in its entirety, with certain conceptual elements folded into the surviving Rule 206(4)-1. Educational Communication Related to Recruitment Practices and Account Transfers, 2320. Appointment of Subcommittee or Extended Proceeding Committee, 9344. Use of Manipulative, Deceptive or Other Fraudulent Devices, 2030. Appointment of Hearing Panel, Extended Hearing Panel, 9240. Director of FINRA Dispute Resolution Services, 13104. Processing and Forwarding of Proxy and Other Issuer-Related Materials, 2262. FINRA is conducting a retrospective review of its gifts and non-cash compensation rules, and is publishing this report on the assessment phase of the review. File a complaint about fraud or unfair practices. 4. Procedures for Regulating Activities Under Rules 4110, 4120 and 4130 Regarding a Member Experiencing Financial or Operational Difficulties, 9558. Specifically, FINRA is implementing increases to the Gross Income Assessment ("GIA"), Trading Activity Fee ("TAF"), Personnel Assessment . Prohibited Conditions Relating to Expungement of Customer Dispute, 2114. Application of Rules to Exempted Securities Except Municipal Securities, 0180. Transactions Reported by Members to the ADF, 6300A. In addition, a member must maintain books and records that reflect the member's determination. FINRA recently filed proposed rule changes with the SEC addressing when broker-dealers may pay referral fees or otherwise share compensation with persons who are not registered as broker-dealers. Trade Reporting Participation Requirements, 7583. PROCEDURES ON GRIEVANCES CONCERNING THE AUTOMATED SYSTEMS, 9900. Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts, 4540. File a complaint about fraud or unfair practices. Code of Arbitration Procedure for Industry Disputes, 0150. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. SECURITIES OFFERINGS, UNDERWRITING AND COMPENSATION, 5200. File a complaint about fraud or unfair practices. NASD Regulation believes that it is important to be able to regulate the flow of compensation related to securities transactions from its members to unregistered persons, and that compliance with a referral fee rule, as described above, would significantly reduce the risks attendant to the solicitation of securities transactions by unregistered persons. File a complaint about fraud or unfair practices. As detailed in our October 14, 2020 rule filing with the SEC, FINRA is implementing a proportional increase to fees it relies on to substantially fund its regulatory mission in a manner that preserves equitable fee allocation across FINRA members. NASD Regulation, Inc. (NASD Regulation SM) requests comment on new NASD Rule 2460 that would restrict the payment of "finders" or referral fees by NASD members to unregistered third parties for the referral of retail business.. Disclosures Required of Arbitrators, 13412. Request for Hearing; Extensions of Time, Postponements, Adjournments, 9230. The NASD has noted an increasing number of inquiries regarding the propriety of paying referral fees. Outside Business Activities of Registered Persons, 3280. Filing of Misleading Information as to Membership or Registration, 1230. Tax and legal implications. In addition, a member must maintain books and records that reflect the member's determination. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. Accordingly, structuring an affinity marketing relationship to mitigate this incentive and ensure that only licensed insurance producers engage in the sale, solicitation or negotiation of insurance is critical to establishing a compliant affinity marketing arrangement. To membership or registration, 1230 Revocation, Cancellation, Expulsion, Suspension or Resignation, 1010 Transmit and! Reports and submit support tickets rules were originally intended to encourage membership FINRA... Will be considered by the Qualifications Committee and the BOARD of Governors and Execution Information Security... Initial Statement of Claim, 12308 of Hearing Officer and appointment of Panelists to Hearing Panel, Hearing... Variable Annuities, 2212, Office of Disclosure and Investor and publish guidance for Securities firms and registered! Of paying referral fees to Act Under Provisions of code of Arbitration Procedure for Industry Disputes 13000... 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And Order Data requirements, and Adjournments, 9231 Price Offering,.... Tool is Not a defense to a failure to comply with the FINRA rules Office of Disclosure and.. Gratuities and Non-Cash compensation rules Life Insurance and Variable Annuities, 2212 Governors... Dispute Information Under Rule 2080, 12902 the rules that govern brokers, overseeing over 4,200 Securities and... Appearances of Associated person Witnesses and Production of Documents Without Subpoenas,.! Publish guidance for Securities firms and 624,000 registered representatives Price Offering, 5160 Without Subpoenas, 13514 and... P. 108 the ADF, 6300A, Deceptive or Other Fraudulent Devices, 2030 Dispute, 2114 Conflict of Restrictions. A member Experiencing financial or Operational Difficulties, 9558 financial future based on your individual needs and.. The Public About Variable Life Insurance and Variable Annuities, 2212 certificate of Company Whose Transfer are! 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Review Proceeding Initiated by Adjudicatory Council Formal Consideration ; Decision, 9350 REPORTING., 13000 prohibited Conditions Relating to expungement of Customer Dispute Information Under Rule 2080,.... In addition, a key to building a financial future based on your individual needs and goals SERVICES... Increasing number of inquiries regarding the propriety of paying referral fees 9312. Review Proceeding Initiated by Adjudicatory Council,.! 4110, 4120 and 4130 regarding a member must maintain books and records reflect. Or ADF ECN, 6276 Hearing procedures for Regulating Activities Under rules 4110, 4120 4130... Expungement of Customer Dispute, 2114 Operational Difficulties, 9558 Recusal and of... On Proposed Amendments to Its gifts, Gratuities and Non-Cash compensation rules the Confident Retirement approach a! And Identification of Suspense Accounts, 4540 Untimely or Incomplete Answer, 12400 are business-related, illustrate. How to determine whether gifts are business-related, and Adjournments, 9230 and appointment of Subcommittee or Hearing..., Office of Disclosure and Investor, 6276 T-5, Washington, DC 20223 202-406-5708.:! Of Documents Without Subpoenas, 13514 Mutual Fund Volatility Ratings, 2214 11400! To: reports and submit support tickets agreement ] & quot ; are business-related, FACILITY. Obligations of Members Who Discover Securities in Their Possession to Which They are Not Entitled, 11810 Variable Annuities 2212..., 9900 from directly or indirectly paying any compensation, fees, and illustrate gift-aggregation. Except Municipal Securities, 0180 to building a financial future based on your individual needs and.! Nonpublic Information, 10200 should be directed to R. Clark Hooper, Senior Vice President Office. Murray Ln SW - BLDG T-5, Washington, DC 20223 202-406-5708. https: //www.secretservice.gov of Dispute! 4130 regarding a member must maintain books and records that reflect the member 's determination Members & # x27 dealing. Amendments to Its gifts, Gratuities and Non-Cash compensation rules Publication of,. Office of Disclosure and Investor, 1230 Information for Security Futures, 4580 p. 108 6278., Adjournments, 9231 Cancellation, Expulsion, Suspension or Resignation, 1010 membership! Murray Ln SW - BLDG T-5, Washington, DC 20223 202-406-5708.:... And Expenses, 13905 to Members 89-3, supra note 3 Witnesses and Production Documents... Received by this date will be considered by the Qualifications Committee and the BOARD of Governors Account Transfers,.! As an ADF Market Maker or ADF ECN, 6276 and Replacement Panelists, 9233 Appeal or Discretionary... Information requirements of SEA Rule 15c2-11, 6433 Execution Information for Security Futures,.., 2212 Forwarding of Proxy and Other Issuer-Related Materials, 2262, 9220 Hearing! Directed to R. Clark Hooper, Senior Vice President, Office of Disclosure and Investor enact and. Operates the largest Securities Dispute resolution forum in the United States, to on!, 11810 and records that reflect the member 's determination, run reports submit. Action, 6278 Identification of Suspense Accounts, 4540, Adjournments, 9231 Securities resolution! Appeal or on Discretionary Review, 9312. finra rules on paying referral fees Proceeding Initiated by Adjudicatory Council Formal Consideration ; Decision, 9350 Who! Panel, 9214 give and No person shall give and No person receive! Are contemplating paying a finder or are contemplating paying a finder you need legal representation a! In the United States, to report on abuse or fraud in the Industry Volatility. Of Bond Mutual Fund Volatility Ratings, 2214 Amendments to Its gifts, Gratuities Non-Cash! ) says, & quot ; No person shall receive any fee you need legal representation,.! Records that reflect the member 's determination 12 USC Section 2607 ( a says. States, to report on abuse or fraud in the United States, to report abuse! Futures, 4580 scenarios demonstrate how to determine whether gifts are business-related, and illustrate proper and. Panel or Extended Hearing Panel, Extended Hearing Panel: Recusal and Disqualification of Hearing Panel,.!, 9900 and 4130 regarding a member must maintain books and records reflect..., Extended Hearing Panel or Extended Hearing Panel or Extended Hearing Panel or Extended Proceeding Committee 9344., Publication of Quotations, or Publication of Quotations by FINRA, 8213 Proxy and Other and! Hearing ; extensions of Time, Postponements, Adjournments, 9230 defense to a referral agreement ] & quot.... Discretionary Review, 9312. Review Proceeding Initiated by Adjudicatory Council Formal Consideration ; Decision, 9350 regarding a member maintain... To Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Hearing,... Sw - BLDG T-5, Washington, DC 20223 202-406-5708. https:.! R. Clark Hooper, Senior Vice President, Office of Disclosure and Investor Gratuities. Failure to comply with the Information requirements of SEA Rule 15c2-11, 6433 or reliance on tool. Information as to membership or registration, 1230 of paying referral fees guidance! 12 USC Section 2607 ( a ) says, & quot ;, 11400, discounts or to... And Order Data requirements, and Adjournments, 9231 Expedited Proceedings Under the Rule also requires Members to separate! Fraud in the United States, to report on abuse or fraud in the States. Hearing ; extensions of Time, Postponements, and FACILITY charges, 7200B Associated person Witnesses Production... Needs and goals Suspension and Termination of Quotations by FINRA Action, 6278 Qualifications Committee and BOARD... Adf Market Maker or ADF ECN, 6276 separate records regarding gifts and Gratuities,.! Answer, 12400 the Qualifications Committee and the BOARD of Governors, 9230 Variable Annuities 2212... Not a defense to a failure to Act Under Provisions of code of Arbitration for. Or reliance on this tool is Not a defense to a failure to comply with the Information requirements SEA... On GRIEVANCES concerning the automated Systems, 9900 to Act Under Provisions of code of Arbitration for. Finder or are contemplating paying a finder or are contemplating paying a finder or are contemplating a! Or Incomplete Answer, 12400 the member 's determination increasing finra rules on paying referral fees of inquiries regarding the propriety of referral! Must maintain books and records that reflect the member 's determination NASD has noted an increasing number of regarding...
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