The Law of the Financial Markets from Top Securities Lawyers
Friday, October 31, 2025
Ed. This page discusses the original NASD proposal in 1997 for registration of cold callers. and is presented for historical purposes. FINRA’s telemarketing rule is Rule 3230. Today, basically all cold callers are required to be registerd with FINRA. FINRA’s Registration and Qualification Rules are in the Rule 1200 series. […]
By Mark J. Astarita, Esq. The following article has been adopted from an article distributed by the SEC’s Division of Market Regulation. The article was originally posted in December 2005. It’s last update by securities attorney Mark Astarita, for SECLaw.com was in September 2006 Table of Contents Introduction Who Is […]
By Mark J. Astarita, Esq. I am often asked by readers and visitors to my web site whether particular people have to register with the NASD. The question is not so easy to answer, and, like most things regulatory, often changes. So, while I attempt to discuss the categories of […]
Soft Dollar Arrangements are agreements between broker-dealers and their clients where the broker-dealer provides, in addition to other services, research to the client, in addition to execution services. The research, which includes reports, access to analysts, or third party reports is provided to the client by the broker-dealer at the […]
Lying to Investors Is Not. By Mark J. Astarita, Esq. While you would never know it from the press reports, and some pretty irresponsible statements from some regulators, market timing is not illegal. It is a perfectly legal trading strategy, which has been in existence for years, with the knowledge […]
NASD FILES “PERINO REPORT” AMENDMENTS: Responding to the Perino Report, NASD seeks revisions on arbitrator disclosure and removal standards, plus it is narrowing its “public” and “non-public” arbitrator classifications. The amendments NASD proposes to Rules 10308 and 10312 parallel those we described in last week’s report on NYSE’s rule changes […]
If a company chooses to make projections and issue estimates despite the uncertainty of that information, it cannot duck liability for securities fraud by reliance upon the “soft” nature of the information it disclosed. Helwig v. Vencor, Inc., No. 99-5153, en banc (6th Cir., 5/31/01). Class Actions, Effect of * […]
ASD Listens, and Speaks Summary of NASD Dispute Resolution Program at New York County Lawyers Association [Ed. This article is from 2003 and is presented for historical purposes] NASD LISTENS…AND SPEAKS: The Fourth Annual two-hour program with a representative of the NASD Dispute Resolution Section took place on February 3, […]
New regulations enacted to address analyst conflicts, and insure disclosure. Given the fact that such regulations already exist, who is benefiting from these new regulations? By Mark J. Astarita, Esq. On May 8, 2002, the SEC approved proposed rule changes by the NASD and the NYSE to address conflicts of […]
Changes increase the quantity and prominence of disclosures and reemphasis that advertisements are subject to the antifraud provisions of the federal securities laws. Comments due July 31, 2002 By John M. Baker, Esq. On May 17, 2002, the Securities and Exchange Commission proposed extensive changes to the rules governing […]
