National Association of Securities Dealers

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

National Association of Securities Dealers: Open and Free Legal Research of US Law

Federal Primary Materials

The U.S. federal government system consists of executive, legislative, and judicial branches, each of which creates information that can be the subject of legal research about National Association of Securities Dealers. This part provides references, in relation to National Association of Securities Dealers, to the legislative process, the federal judiciary, and the primary sources of federal law (cases, statutes, and regulations).

Federal primary materials about National Association of Securities Dealers by content types:

Laws and Regulations

US Constitution
Federal Statutory Codes and Legislation

Federal Case Law and Court Materials

U.S. Courts of Appeals
United States courts of appeals, inclouding bankruptcy courts and bankcruptcy appellate panels:

Federal Administrative Materials and Resources

Presidential Materials

Materials that emanate from the President’s lawmaking function include executive orders for officers in departments and agencies and proclamations for announcing ceremonial or commemorative policies. Presidential materials available include:

Executive Materials

Federal Legislative History Materials

Legislative history traces the legislative process of a particular bill (about National Association of Securities Dealers and other subjects) for the main purpose of determining the legislators’ intent behind the enactment of a law to explain or clarify ambiguities in the language or the perceived meaning of that law (about National Association of Securities Dealers or other topics), or locating the current status of a bill and monitoring its progress.

State Administrative Materials and Resources

State regulations are rules and procedures promulgated by state agencies (which may apply to National Association of Securities Dealers and other topics); they are a binding source of law. In addition to promulgating regulations, state administrative boards and agencies often have judicial or quasi-judicial authority and may issue administrative decisions affecting National Association of Securities Dealers. Finding these decisions can be challenging. In many cases, researchers about National Association of Securities Dealers should check state agency web sites for their regulations, decisions, forms, and other information of interest.

State rules and regulations are found in codes of regulations and administrative codes (official compilation of all rules and regulations, organized by subject matter). Search here:

State opinions of the Attorney General (official written advisory opinions on issues of state law related to National Association of Securities Dealers when formerly requested by a designated government officer):

Tools and Forms

Law in Other Regions

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