On February 2, the Securities and Exchange Commission approved a proposed rule change by the Financial Industry Regulatory Authority (FINRA) to adopt as FINRA Rule 5240 the National Association of Securities Dealers’ Anti-Intimidation/Coordination Rule (NASD Interpretive Material 2110-5) without material change. NASD IM-2110-5 identifies three general types of conduct inconsistent with just and equitable principles of trade: (i) coordinating activities by members involving quotations, prices, trades and trade reporting (e.g., agreements to report trades inaccurately or maintain certain minimum spreads); (ii) “directing or requesting” another member to alter prices or quotations; and (iii) engaging in conduct that threatens, harasses, coerces, intimidates or otherwise attempts improperly to influence another member or person associated with a member. NASD IM-2110-5 also sets forth seven specific exclusions that identify bona fide commercial activity that is permitted (e.g., bona fide negotiations and unilateral decisions regarding spreads).