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Libraries:   FAQs - Market Regulation
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Frequently Asked Questions
 My broker dealer is a member of one or more of the Nasdaq exchanges. What is Nasdaq's requirement for submitting our Annual Audited Financial Statements?
Identification Number 1545

All Nasdaq members are required to submit their Annual Audited Financials through the FINRA Portal.  Refer to the following instructions: Annual Audit Automation. Submission through the FINRA Portal satisfies the reporting requirements for all Nasdaq exchanges.

Publication Date*: 4/23/2021 Mailto Link Identification Number: 1545
Frequently Asked Questions
 Who at Nasdaq should be contacted with respect to Business Continuity matters?
Identification Number 1546

Please call 215-496-1571 or email optionshelpdesk@nasdaq.com for options-related matters and 212-231-5180 or email tradingservices@nasdaq.com  for equity-related matters.

Publication Date*: 8/22/2019 Mailto Link Identification Number: 1546
Frequently Asked Questions
 As an approved Nasdaq member organization, should all representatives of the broker dealer be registered with Nasdaq?
Identification Number 1547

Yes. Nasdaq member organizations are required by rule to register all representatives with any of the Nasdaq-affiliated exchanges on which it is an approved member.  The relevant rule is Nasdaq Rule 1.1210 (contained within Nasdaq General 4, Section 1).

Publication Date*: 4/28/2021 Mailto Link Identification Number: 1547
Frequently Asked Questions
 What licenses are required by Nasdaq rules to qualify as Chief Compliance Officer of a member organization?
Identification Number 1548

Nasdaq exchanges require an associated person of a member organization who holds the title of Chief Compliance Officer to successfully complete the Series 24 qualification exam.  Alternatively, Nasdaq may accept the Series 14 in certain circumstances where the individual’s responsibilities are limited. See Nasdaq Rule 1.1220 (contained within Nasdaq General 4, Section 1).

Publication Date*: 1/7/2020 Mailto Link Identification Number: 1548
Frequently Asked Questions
 How does my broker dealer pay its monthly invoices?
Identification Number 1562

Nasdaq rules require that all broker dealer members provide an NSCC clearing account number for purposes of collecting, via direct debit, exchange fees. 

Publication Date*: 8/22/2019 Mailto Link Identification Number: 1562
Frequently Asked Questions
 What is the process for terminating my broker dealer's membership with a Nasdaq-affiliated Exchange?
Identification Number 1563

Members wishing to withdraw from a Nasdaq-affiliated exchange (NQX, BX, PHLX, ISE, GEMX, MRX) should file, via WebCRD, a full or partial broker dealer withdraw (BDW) removing the relevant exchange from its registration and subsequently sending an email to membership@nasdaq.com.  The email should specify from which market the member wishes to terminate and the date of anticipated effectiveness.  Most terminations will be processed in approximately three business days. 

Publication Date*: 4/28/2021 Mailto Link Identification Number: 1563
Frequently Asked Questions
 How does my member firm withdraw from a Nasdaq trading platform (ie. equity or options)?
Identification Number 1565

Members wishing to make adjustments to their participation status on any of the Nasdaq-affiliated exchanges should email a request to membership@nasdaq.com.  This request should specify the desired change and the date of anticipated effectiveness.  Most requests will be processed in approximately three business days.

Publication Date*: 4/28/2021 Mailto Link Identification Number: 1565
Frequently Asked Questions
 Are my broker dealer's monthly trading rights and/or permit fees pro-rated?
Identification Number 1567

No. If a broker dealer is approved or terminates mid-month, they will be assessed the total fee for that month.

Publication Date*: 4/28/2021 Mailto Link Identification Number: 1567
Frequently Asked Questions
 If my PHLX broker dealer has a change in its business operation, whom do I notify?
Identification Number 1608

Broker dealers designated to PHLX for regulatory responsibility are required to submit written notification of a change in business operation at least 10 business days prior to the change pursuant to PHLX General 9, Section 59.  Written notice should be submitted to the Nasdaq Membership Department at membership@nasdaq.com.

Publication Date*: 4/28/2021 Mailto Link Identification Number: 1608
Frequently Asked Questions
 My broker dealer is considering entering into an office sharing arrangement, what must we do in order to comply with exchange rules?
Identification Number 1714
Members of PHLX (see Rule General 9, Section 57) and/or ISE (see Rule Options 9, Section 3) are required to disclose office sharing arrangements to the Membership Department for consideration.  The following information should be submitted to membership@nasdaq.com:  name and description of businesses being conducted; blueprints of space identifying barriers and common areas; what, if any, communication lines are shared; and information barrier procedures specific to shared space.  Upon receipt, the Department will review to determine whether the arrangement is acceptable provided that it does not appear to mislead the public.
Publication Date*: 4/28/2021 Mailto Link Identification Number: 1714
Frequently Asked Questions
 What is the contact information for questions concerning FINRA Consolidated Audit Trail ("FINRA CAT")?
Identification Number 1721

Broker Dealers who have questions or require assistance related to FINRA CAT may contact the FINRA CAT Helpdesk at 888-696-3348 or via email at help@finracat.com.

Publication Date*: 1/14/2020 Mailto Link Identification Number: 1721
Frequently Asked Questions
 Does my broker dealer require membership on the Nasdaq Stock Market ("Nasdaq") if I want to participate on the Nasdaq Options Market ("NOM")?
Identification Number 1722

Yes. Broker dealers who wish to participate on NOM must be approved members of the Nasdaq SRO.

Publication Date*: 1/14/2020 Mailto Link Identification Number: 1722
Frequently Asked Questions
 Does my broker dealer require membership approval on Nasdaq BX ("BX") if I want to participate on BX Options ("BXO")?
Identification Number 1723

Yes. Broker dealers who wish to participate on BXO must be approved members of the Nasdaq BX SRO.

Publication Date*: 1/14/2020 Mailto Link Identification Number: 1723
Frequently Asked Questions
 Does my broker dealer require membership approval on Nasdaq PHLX ("PHLX") if I want to participate on PSX?
Identification Number 1724

Yes. Broker dealers who wish to participate on PSX must be approved members of the Nasdaq PHLX SRO.

Publication Date*: 1/14/2020 Mailto Link Identification Number: 1724
Frequently Asked Questions
 Can my organization become a member of a U.S. Nasdaq exchange if we are domiciled outside of the U.S.?
Identification Number 1725

In order to qualify as a member on any U.S. based Nasdaq SRO, your organization must be registered as a U.S. broker dealer with the U.S. Securities and Exchange Commission.

Publication Date*: 1/14/2020 Mailto Link Identification Number: 1725
Frequently Asked Questions
 Does my clearing firm require membership?
Identification Number 1726

Yes, a clearing firm must be an approved member on each of the Nasdaq-affiliated exchanges for which they offer clearing services.

Publication Date*: 4/28/2021 Mailto Link Identification Number: 1726
Frequently Asked Questions
 Is my broker dealer required to be a member of FINRA?
Identification Number 1868

Pursuant to Section 15(b)(8) of the SEC Act, broker dealers are required to join FINRA if they effect securities transactions other than on an exchange where it is a member unless:  a) it is a member of a national securities exchange; b) it carries no customer accounts; and c) such transactions (i) result from orders that are routed by a national securities exchange of which the broker dealer is a member to comply with Rule 611 of Regulation NMS or the Options Order Protection and Locked/Crossed Market Plan; or (ii) are solely for the purpose of execution the stock leg of a stock-option order.

SEC Fact Sheet -Exemption from National Securities Association Membership.

Publication Date*: 4/30/2024 Mailto Link Identification Number: 1868
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