1 See Memorandum to Compliance Committee No. 26-95, Direct Marketing Committee No. 27-95, Sales Force Marketing Committee No. 30-95, SEC Rules Members No. 42-95 and Unit Investment Trust Members No.
33-95, dated June 23, 1995.
July 21, 1995
TO: COMPLIANCE COMMITTEE No. 32-95
DIRECT MARKETING COMMITTEE No. 29-95
SALES FORCE MARKETING COMMITTEE No. 32-95
SEC RULES MEMBERS No. 48-95
UNIT INVESTMENT TRUST MEMBERS No. 37-95
RE: NASD NOTICE TO MEMBERS CONCERNING "DO NOT CALL" LIST
______________________________________________________________________________
As we previously informed you, the SEC recently approved proposed amendments to Article
III, Section 21 of the NASDGs Rules of Fair Practice to add a provision requiring NASD members to
make and maintain a list of persons who do not wish to receive telephone solicitations from that
member or its associated persons.1 The NASD has issued a Notice to Members announcing the SECGs
approval of this rule change and describing its background and purpose. A copy of the Notice to
Members (No. 95-54, July 1995) is attached.
Among other things, the Notice explains that the new provision is intended to “implement that
portion of the FCC rules [under the 1991 Telephone Consumer Protection Act] that requires
establishment and maintenance of a do-not-call list.” It also reminds NASD members that pursuant to
those rules, members that solicit customers or sales using cold calls must: (1) not make cold calls before
8 a.m. or after 9 p.m. at the called partyGs location; (2) provide the called party with the name of the
caller, the person or organization for whom the call is made, and a telephone number for contacting the
caller; (3) have a written policy concerning cold calling and do-not-call lists; and (4) train all personnel
concerning cold calling rules and the existence and use of do-not-call lists.
The rule change became effective on June 9, 1995.
Frances M. Stadler
Associate Counsel
Attachment
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attachment referred to in this memo, please call the Institute's Information Resource Center at (202)326-
8305 or (202)326-5903, and ask for this memo's attachment number: 7130.