SEC Approves NASD Rule 1160 – Contact Information Requirements

Regulatory Notice 07-42

Effective December 31, 2007
This new rule amends Rule 1120 (Continuing Education Requirements – Regulatory Element), Rule 1150 (Executive Representative), Interpretive Material (IM)-3011-2 (Review of Anti-Money Laundering Compliance Person Information), and Rule 3520 (Emergency Contact Information) to eliminate the requirement that members review and update, at the end of each calendar quarter, the contact information required by these rules.

This new rule requires firms to update designated contact information immediately upon any material change, verify such information annually and comply promptly with any request for such information.

NASD Rule 1160 has several advantages over current FINRA requirements applicable to firm contact information. Rule 1160 eliminates any unnecessary burden that firms may incur in conducting quarterly reviews of the contact information. At the same time, Rule 1160 helps to ensure that the contact information required by FINRA is kept current and provided to FINRA promptly upon request.

To view the full Notice click here.