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October 2009
SECMFSP: Mutual fund sales dos and don'ts
Q: I need to research the requirements of National Association of Securities Dealers (NASD) Rule 2830(l), which governs compensation allowed after the sale of investment company securities. Where do I find this rule? And are KeyCite® citing references available?
A: Rule 2830(l) can be found in the NASD Manual, which is available in the National Association of Securities Dealers (NASD) Manual database (NASD-MANUAL) on Westlaw. (In 2007, the Financial Industry Regulatory Authority (FINRA) was created that combines the enforcement operations of NASD and the New York Stock Exchange. The NASD rules continue to be effective.) To retrieve Rule 2830 or any other rule in the NASD Manual, access the NASD-MANUAL database and restrict your search to the caption field (ca): ca(2830). In the alternative, use the Table of Contents service to browse the contents of NASD-MANUAL and retrieve rules by clicking rule numbers.
KeyCite citing references are not available for documents in NASD-MANUAL. However, you can retrieve citing authorities and analysis of NASD rules from the newly released Mutual Funds Sales Practices: A Practical Guide to FINRA, SEC, and Other Regulatory Requirements database (SECMFSP). SECMFSP contains the full text of Mutual Funds Sales Practices: A Practical Guide to FINRA, SEC, and Other Regulatory Requirements (current through June 2009), a practice guide by Thomas Lemke and Gerald Lins that explains the regulatory requirements applicable to broker-dealers and others who sell mutual funds.
A good way to retrieve analysis of a rule—even a key subsection in many instances—is to restrict your search to the title field (ti). For example, to retrieve analysis and citing references related to Rule 2830, subsection (l), access SECMFSP and type ti(2830(l)). The Table of Contents service is available for SECMFSP, as well.
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