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News September 27, 2004 Issue

SEC Approves NASD CCO Rule

The SEC last week approved new NASD Rule 3013, which requires NASD member firms to designate a CCO, who must periodically meet with the firmís senior management. The new rule also requires that a brokerís CEO make annual certifications that the firm has in place processes to establish, maintain, review, test and modify written supervisory procedures. Look for an NASD Notice to Members on the topic in the next month or so.