The National Association of Securities Dealers has amended its Rule 3013 and Interpretive Material 3013 (IM-3013), which require an annual certification by a member firm’s CEO as to the adequacy of the firm’s compliance and supervisory policies and procedures. The NASD requires member firms to appoint a principal to serve as chief compliance officer (CCO) and requires that the CEO meet with the CCO at least annually in connection with the certification process. Under the amended rules, a firm may appoint multiple CCOs and define their respective areas of compliance responsibility. Each CCO is responsible for satisfying all requirements under Rule 3013 and IM-3013 with respect to that CCO’s assigned area of responsibility, including the requirement that each CCO meet at least annually with the CEO. The amended rules also permit member firms to appoint a single co-CEO solely for purposes of compliance with Rule 3013 and IM-3013; however, each CEO remains responsible individually for satisfying his or her own obligations under the rule.

http://www.nasd.com/web/groups/rules_regs/documents/notice_to_members/nasdw_019469.pdf