The National Association of Securities Dealers, Inc. has modified Rule 2320(g) (the Manning Rule) requiring a broker to obtain three quotes for a transaction in a non-exchange listed security to apply to Canadian issues. A non-exchange listed security that is listed on a Canadian exchange will be exempt from the requirement if the customer order is executed by the NASD member or a person associated with the member on a Canadian exchange in an agency or riskless principal capacity, and the member periodically conducts reviews of the quality of the execution of such orders pursuant to the NASD’s best execution rules.
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NASD applies Manning rule to Canadian issues
- Katten Muchin Rosenman LLP
- Canada, USA
- July 20 2007
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