National Association of Securities Dealers


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National Association of Securities Dealers (NASD)

Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market.

Financial Industry Regulatory Authority

A self-regulatory organization that assists the SEC in regulating financial markets, notably exchanges and companies that deal with securities. Among other duties, FINRA enforces rules, arbitrates disputes, and provides training and licensing services. Contrary to the belief of some, it is not a government agency. It was created in 2007 with the merger of the National Association of Securities Dealers and the NYSE regulatory board.

National Association of Securities Dealers (NASD)

An association of over-the-counter brokers and dealers that establishes legal and ethical standards of conduct for its members. NASD was established in 1939 to regulate the OTC market in much the same manner as organized exchanges monitor actions of their members. One major advantage to membership is that members sell securities at wholesale to other members but at retail to nonmembers. See also Rules of Fair Practice, Uniform Practice Code.
What actions should I take if I feel my broker has acted inappropriately?

Inappropriate actions by a broker should be reported to the office manager. If nothing is done to solve the problem, a complaint can be filed with the firm's compliance department or the National Association of Securities Dealers. Information about filing a complaint with NASD can be found on the organization's website, www.nasdr.com.

George Riles, First Vice President and Resident Manager, Merrill Lynch, Albany, GA
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I was one of eight members of The Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees, established by the NYSE and the National Association of Securities Dealers to review possible changes in listing requirements.
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* File a grievance with your state department of securities and the National Association of Securities Dealers if you don't get satisfaction from the broker.
Legal remedies for investment losses
Fulks also has served as an arbitrator for the National Association of Securities Dealers, New York Stock Exchange and FINRA.
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Michael DeGeorge, general counsel for the National Association for Variable Annuities, said the rule "has been around in different forms" for roughly 3 years prior to the adoption by FINRA and had been subject to a number of changes as regulators at FINRA and its predecessor, the National Association of Securities Dealers, worked out problems in the rule identified by industry participants.
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