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Anti-Reciprocal Rule

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Anti-Reciprocal Rule
A FINRA rule stating that two investment companies and/or brokerages may not collude to direct business to each other. For example, the anti-reciprocal rule prohibits a mutual fund from conducting their trades through a certain brokerage in exchange for that brokerage directing investors to that mutual fund.
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AFD) violated NASD's Anti-Reciprocal Rule by directing brokerage commissions to securities firms that were the top sellers of American Funds mutual funds from 2001 through 2003.
NASD Hearing Panel Fines American Funds Distributors $5 Million for ... by PR Newswire
The NAC upheld a FINRA Hearing Panel decision finding that AFD violated FINRA's Anti-Reciprocal Rule when it directed more than $98 million in brokerage commissions between 2001 and 2003 to the 46 retail securities firms that were the top sellers of its mutual funds.
FINRA's National Adjudicatory Council Affirms $5 Million Fine Against ... by Business Wire
NASD charged that the conduct by the four ING broker-dealers violated its Anti-Reciprocal Rule, which prohibits arrangements in which brokerage commissions are used to compensate firms for selling mutual fund shares.
NASD Fines Four ING Broker-Dealers $7 Million for Directed Brokerage ... by PR Newswire
 
 
 
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