National Association of Securities Dealers in the United States

The National Association of Securities Dealers, Inc. (NASD) formerly ran the NASDAQ stock exchange and NASD Regulation, Inc., which was Wall Street’s self-regulating agency. The NASDAQ became a public corporation in 2005, and the NASD sold its ownership share in 2006. In July 2007, the NASD merged its regulatory functions with the enforcement arm of the New York Stock Exchange to form the Financial Industry Regulatory Authority (FINRA).

Legal Materials

If you can find one, old editions of NASD Manual (now the FINRA Manual) provide a good selection of NASD materials, including the NASD Rules. The Manual was published in print by CCH, although the title changed to “FINRA Manual” in 2008. If you subscribe, you can look up old rules in the CCH NASD Rules Archive.

FINRA posts a current, electronic version called the FINRA Manual Online, which still includes some NASD materials. The current Manual is also available through Lexis(FEDSEC;MANUAL), Westlaw (NASD-MANUAL) and the subscription-based Intelliconnect.

Arbitration Awards: See the separate entry for “Arbitration, Mediation and Alternative Dispute Resolution.”

Disciplinary Actions: FINRA posts NASD disciplinary actions with its Monthly Disciplinary Actions. They are also available on Lexis (FEDSEC;DISCIP). See also “Professional Licensing.”

Interpretive Letters: NASD Interpretive Letters were published in the Notices to Members, discussed below.

Notices to Members: The NASD published its “Notices to Members” like newsletters, which many law firm libraries put into binders. Notices are posted in the FINRA Manual Online and on Lexis (FEDSEC;NOTICE).

Securities Dealers

Securities “dealers” buy and sell stock for themselves. They are different from “brokers,” who are in the business of selling stock to investors, although “Broker-Dealers” do both.

See Also

Arbitration, Mediation and Alternative Dispute Resolution
Financial Industry Regulatory Authority (FINRA)
Listing Applications
NASDAQ
Over-the-Counter Stocks
Securities Dealers
Securities and Exchange Commission
Securities Laws
Stock Prices