NASD Rulemaking:
Extension of Comment Period re: Qualified Immunity in Arbitration Proceedings for Statements Made on Forms U-4 and U-5

On April 21, 1998, the NASD Regulation, Inc. ("NASD Regulation") filed a proposed rule change with the Securities and Exchange Commission ("SEC" or "Commission") pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934. ¹ NASD Regulation proposes to provide members of the NASD with qualified immunity in arbitration proceedings for statements made in good faith in certain disclosures filed with the NASD on Forms U-4 and U-5, the uniform registration and termination notices for registered persons.

Notice of the proposed rule change was provided by the issuance of Securities Exchange Act Release No. 39892 (April 21, 1998) and by publication in the Federal Register on April 28, 1998 (63 FR 23321). The Commission has received requests for an extension of time for public comment on the proposed rule change. ² The Commission hereby extends the period for public comment on the proposed rule change until June 19, 1998.

For the Commission, by the Division of Market Regulation, pursuant to delegated authority. ³

Jonathan G. Katz
Secretary

Footnotes

¹ 15 U.S.C. 78s(b)(1).

² By letter dated May 15, 1998 NASD Regulation has consented to an extension of the comment period. See letter from Jean I. Feeney, NASD Regulation, Inc., to Katherine A. England, Assistant Director, Division of Market Regulation, Commission.

³ 17 CFR 200.30-3(a)(12).

http://www.sec.gov/rules/sro/nd9818na.htm